India’s relationship with money is changing—and fast. Just a few years ago, a large part of the country was used to saving in piggy banks, borrowing from relatives, and standing in long queues for cash. But today, we’re seeing a quiet banking revolution unfold across the country.
Skipping Landlines, Skipping Traditional Banking
Just like everyone skipped landlines and went straight to mobile phones, India is skipping traditional banking and jumping straight into digital finance.
UPI: India’s Digital Cash Highway
Let’s start with UPI — think of it like India’s version of Venmo or PayPal, but much bigger. In one year, people used UPI 52% more often and sent ₹200 trillion through it — that’s ₹20 lakh crore every month! Over 570 banks are now connected. No cash, no cards, just phones.
RuPay: India’s Answer to Visa and Mastercard
Now comes RuPay, India’s own card system. For years, Visa and Mastercard ruled. Now? RuPay owns 80% of all new debit cards, and it’s grabbing a chunk of credit cards too — a 25% share of new cards and growing fast, with spending rising 32% per year.
Banking for All: A Decade of Inclusion
Why is all this happening? Because access is exploding.
• In 2011, only 1 in 3 adults had a bank account. Now, it’s 3 out of 4.
• More bank branches and ATMs than ever before.
• Credit card users more than doubled in 5 years — yet only 6% of Indians use them, versus 35% globally.
Investor Take: Early Innings, Big Upside
In investor terms: India’s digital finance story is still early innings. Usage is growing fast, but there’s a massive headroom. The rails are laid. Now the traffic is coming.
And we’re betting on that future.
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