India, Aug. 18 -- UPI has given India one of the strongest digital institutions of the twenty-first century. The challenge now is not merely to celebrate its remarkable success, but to deepen it through complementary institutions that make digital finance an integral part of everyday economic life

'Institutions are the rules of the game in a society.' Nobel laureate Douglass C. North made this deceptively simple observation while explaining why some nations prosper and others struggle. Economic progress, he argued, is rarely the result of technology alone. It depends on institutions that reduce uncertainty, build trust and make everyday transactions easier. India's digital payment revolution is perhaps the finest contemporary illustratio...