We study how people earn, spend, pay, save, and invest — and we publish what we find. Start here.
Coverage this month: RBI co-brand circular analysis, UPI market share shifts, BNPL regulatory update, and a primary survey on merchant acceptance.
Download reportVolume and value figures dominate the headlines. What sits underneath those numbers tells a different story about who is actually paying and how.
Read now →Currency in circulation crossed ₹35.7 trillion in FY25 — an all-time high — in the same period that UPI recorded 15.6 billion monthly transactions. The substitution thesis cannot explain this.
Volume numbers get the headlines. The pattern underneath them tells a more interesting story about behaviour.
Primary research from 400 Indian households reveals the gap between programme design and what drives real engagement.
India's headline GDP figures hide the structural changes in how Indian households are allocating their money.
The gap between economic reports on income growth and the lived experience of earning in India is wider than most realise.
Payment method choice is not just about convenience or access. Our primary survey reveals the emotional and social factors that determine how India pays.