https://techcrunch.com/2025/01/09/india-rupay-upi-payment-push-is-cutting-out-visa-and-mastercard/
"Regulators around the world are notching up scrutiny on Visa and Mastercard over the fees they charge merchants, but India has chosen a different path: Creating rival payment networks that are increasingly sidelining international card networks.

India’s strategy builds on the Unified Payments Interface, known as UPI, a nine-year-old system that lets consumers and merchants bypass traditional card networks by connecting bank accounts directly through QR codes and phone numbers."