Advanced International Journal for Research

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The Paradox of Scale: Analysing the Innovation-Regulation Nexus in India’s Digital Payment Ecosystem (UPI) – Feasibility, Competitive Advantage, and Data Governance Compliance

Author(s) Mr. Siddhanth M, Dr. Nilaish
Country India
Abstract This paper examines the evolving relationship between innovation and regulation in India’s Financial Technology (FinTech) sector, with a focus on the Unified Payments Interface (UPI) ecosystem. UPI has emerged as the world’s largest real-time retail payment system, supported by India’s Digital Public Infrastructure (DPI) and regulatory bodies such as the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI). A key feature of UPI is the imbalance between transaction volume and value, as it accounts for a major share of digital transactions by volume but a relatively smaller share by value. This reflects its role in enabling high-frequency, low-value payments, especially in daily consumer transactions. As a result, FinTech firms are increasingly shifting their competitive focus from infrastructure development to improving transaction speed, user experience, and merchant-based payments. However, the rapid growth of UPI has also led to increased regulatory intervention, particularly with the introduction of the Digital Personal Data Protection (DPDP) Act, 2023. This framework places greater responsibility on firms as Data Fiduciaries, requiring stricter data governance, compliance mechanisms, and accountability. While such regulations aim to enhance data security and consumer trust, they may also increase operational complexity. This study explores how the balance between innovation and regulation shapes competitive advantage in the FinTech sector and highlights the growing importance of compliance-driven strategies in ensuring sustainable growth.
Keywords FinTech, Unified Payments Interface (UPI), Digital Public Infrastructure (DPI), Financial Inclusion, Regulatory Compliance, Digital Personal Data Protection (DPDP) Act 2023, Data Fiduciary, Innovation–Regulation Nexus
Published In Volume 7, Issue 3, May-June 2026
Published On 2026-05-11
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E-ISSN 3048-7641
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