S&P Global’s Geeta Chugh feels UPI will remain the key payments infra, but the key strength of the central bank digital currency (CBDC) is its programmability, and she sees its importance in areas like targeted lending and subsidy payments  

It was back in 2022 that a pilot project was launched for central bank digital currency (CBDC) as a part of Reserve Bank of India’s plans to push digital sovereign currency. In the last few years, there have been several more pilots launched in the wholesale as well as retail segments of CBDC. But the adoption thus far has been low and lags the more established and widely accessible unified payments interface (UPI) significantly....

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Via businesstoday.in