Who’s using the e-rupee?

Globally, virtual currencies are back in the limelight. In India, UPI transactions hit record highs almost every month. Yet, the value of cash in circulation has gone up by Rs 2 lakh crore. Sure, the transaction value of the e-rupee, or the digital form of the fiat currency, has increased, but it’s driven more by banks doling out allowances to employees than any real market demand.But the reality is that the landscape of money’s partial substitutes in India, a digital-payments pioneer, shows little change to the status quo.Tune in. 🎓 Are you an Indian student in the US or recently graduated? Tell us what your journey’s been like: Take the surveyDaybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.