In this opinion, Deepak Maheshwari discusses the impact of India’s “Unified Payment Interface (UPI) that enables real-time, frictionless instant payments across 600 plus banks using a QR code, bank account or just the mobile number of the payee” and the “so-called India Stack,” a set of “interoperable building blocks based on open protocols, standards and application programming interfaces” with “three essential layers — digital identity, digital payment and a consent-based data exchange framework.” Thanks to its innovative and open architecture, Maheshwari writes, this digital infrastructure has received broad support for its core components, design philosophy and deployment strategies, although there are several important safeguards to consider, “to ensure that the public interest remains as the core of [its] raison d’être.”
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