According to official figures for digital payments published by the RBI in its Payments System Report in December 2024, in the past five years, the volume and value of UPI transactions have witnessed a meteoric rise, growing at a five-year compound annual growth rate (CAGR) of 89.3% and 86.5%, respectively. In stark contrast, the volume and value of PPI transactions has grown at a measly CAGR of 6.25% and 0.48%, respectively. Overall, the share of UPI transactions in digital payments volume has surged massively from 34% in calendar year 2019 to 83% in calendar year 2024, generating an exceptional CAGR of 74% over a five-year period, while the share of all other payment options combined has decreased from 66% to 17% in this period. These figures unmistakably reveal a fall from grace for the PPI industry.