Fintech

Everyone at India’s biggest fintech fest celebrates UPI. That’s the problem

Nikhil Patwardhan

Sayan Sen

October 13, 2025 | 9 Min Read

After conquering transactions, the country’s fintech sector is hunting for its next big act: AI-powered credit, programmable money, and biometric identity. But moving beyond UPI means confronting new risks.

There’s a strong sense of déjà vu at this year's Global Fintech Fest, and not without reason. Everywhere you turn, someone is celebrating the spectacular success of India’s Unified Payments Interface (UPI). Just as they did last year. And the year before. And the one before that.

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