Who’s using the e-rupee?

<p>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. </p><p>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.</p><p>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.</p><p>Tune in. </p><p>🎓 Are you an Indian student in the US or recently graduated? Tell us what your journey’s been like: <a href="https://theken.typeform.com/to/zokrHOeY">Take the survey</a></p><p><strong><em>Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. </em></strong><a href="https://the-ken.com/pricing/"><strong><em>Subscribe</em></strong></a><strong><em> for more exclusive, deeply-reported, and analytical business stories.</em></strong></p>