I wanted to start by drawing a diagram of the different kinds of payments and how we got here. We use UPI for everything from everyday purchases to applying for an IPO, but using it and understanding it are different things. What makes us choose one way to pay over another? What does it take to build trust? And why does a conversation about competition turn into a disagreement about who should be allowed to decide?

This one moves from consumer incentives and bank regulation to the scale of UPI, caps on market share, and the possibility of AI agents transacting for us. There is disagreement over the costs, the timing, and whether changing commerce means payments must change too. Twenty pages of questions at the table, and one more subject waiting at the end: MDR.

Sohini Rajola- Executive Director Growth at the National Payments Corporation of India.

• Linkedin:https://www.linkedin.com/in/sohinirajola/

Sameer Nigam- Founder and CEO of PhonePE

• Linkedin: https://www.linkedin.com/in/sanigam/

Harshil Mathur: Co-founder and CEO of Razorpay

• Linkedin: https://www.linkedin.com/in/harshilmathur/

Nikhil Kamath-Co-founder of Zerodha and Gruhas

Host of 'WTF is' & 'People By WTF' Podcast

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