WHILE G7 central banks continue to agonise over supplementing physical cash with digital money, and in the case of the US, ban the central bank digital currency version outright, India has surged ahead with a mobile-based payments platform accounting for half the world's real-time payments in 2023.

India's United Payments Interface continues to overcome apparently insoluble conundrums facing mature economy central banks, such as managing digital identity, balancing state and private-sector players in payments and ensuring the stability of commercial banks in the monetary system. The instant payments system has already boosted the tax take, had a transformational impact on financial inclusion and democratised the provision of financial services – with mutual fund subscription at a record high.