Minor correction - prior to UPI, transaction either happened via cash OR didn’t happen at all.

I think the hidden value of UPI is that it makes doing business easier which is of huge value. People sitting on money has never helped any economy…especially at the level that UPI operates - ie enabling petty spending greases the wheels of the economy and lifts people out of poverty.

For example, say I want to buy coconut water on a hot day. Earlier, I’d go without if I didn’t have change. Now I use UPI. I benefit from fresh coconut water. The seller benefits from my money going to his bank account.

Even GWB told people to go shopping after 9/11 so that the wheels of the economy would keep churning.