The digital payments infrastructure in India has done more to bring more people into the banking system than what was possible earlier.

It is pervasive, ubiquitous and very user friendly.

This is all thanks to the mobile data revolution ushered in by the telecoms companies in India over the last decade and a half.

Yes, data privacy is a larger issue that needs to be addressed in India, but that is no different than other digital payment methods like credit/debit cards.

One less mentioned point is that this payments revolution has done a lot to cut the country's carbon-footprint in the form of driving to the ATM or bank to get cash for routine transactions. Also, UPI is extremely consumer-friendly. If you withdrew cash from another bank's ATM, you may be charged fees whereas UPI is free for transactions up to INR 100,000 (approx $1200 USD)/day. This covers almost all day-to-day transaction needs for people.

I can choose a third-party fintech company's UPI app (eg: PayTM, PhonePe etc.,) or my bank's UPI app. So, it is incredibly flexible.