₹29.9 Lakh Crore at ₹0 Fees: So Who Actually Gets Paid?

Every month India pushes almost thirty lakh crore rupees through UPI, a payment system that charges nobody a single paisa. So where does the money come from? We read the biggest app's own filing and followed one hundred rupees all the way down to the paise. WHO THIS IS FOR: builders, students and analysts who want to understand how payments businesses really make (and lose) money, and what to build next to a free rail. KEY TAKEAWAY: never sell the free thing; sell what sits next to it, and count your paise per hundred rupees before you scale. FREE SPREADSHEET: https://docs.google.com/spreadsheets/... CHAPTERS 0:00 The Free Lunch Puzzle 0:48 The Gold Mine With No Gate 1:38 The Free-Food Restaurant 2:17 The Scale Of One App 3:26 Five Point Four Paise 4:01 Where The Paise Come From 4:54 The Leaky Bucket 5:52 The Toll Booth 6:44 The Blueprint, Rule One 7:25 The Blueprint, Rules Two And Three 9:01 The One Hundred Fifty-Nine Billion Answer 9:31 Run Your Own Numbers