Government’s thrust on UPI-based payments has tripled the share of digital payments to 7% as a percentage of GDP from 2.5% three years ago. “The whole thrust of the government, banks, regulator on banks is actually paying off. Everything is growing, whether is debit card transactions or credit card transactions. But the thing that stands out at least from our vantage point is UPI,” Anil Agarwal, Managing Director, Morgan Stanley told ET Now. The government had launched UPI-based payment system in 2016 through BHIM (Bharat Interface for Money), a mobile app developed by National Payments Corporation of India (NPCI), to allow mobile apps run by retailers, airlines and other firms collect payment directly from customers’ bank accounts. According to a recent Bloomberg report, the surge in UPI transactions has also hurt major digital payment players such as Mastercard and Visa.