The Indian government and the RBI have received two proposals for restoring the crypto industry’s access to the Unified Payments Interface (UPI) which is a widely used real-time payment system in the country. "In the coming few weeks", a third proposal will also be made by the Bharat Web3 Association (BWA), which is a newly formed crypto policy advocacy group in India.
The adoption of UPI in India has increased rapidly since the pandemic. In 2022 alone approximately 74 billion UPI transactions worth around $1.5 trillion were conducted. The UPI system, which is used nationwide, allows the citizens to pay for goods and services using a QR code linked to their bank accounts.