UPI, CBDC and the Next Layer of Digital Payments
Fast payments changed retail money. The next contest is data, credit and cross-border rails.
UPI made instant payments ordinary. The next layer is less about replacing cash and more about who sits on identity, merchant data and settlement.
A retail CBDC will matter only if it complements existing rails rather than duplicating them. Interoperability, offline use and privacy are the design tests.
