Authored by Santanu Paul and B. Sambamurthy,
the book chronicles the origin story of UPI and the rise of India as a digital superpower
Hyderabad, September 15, 2026: The International Institute of Information Technology Hyderabad (IIIT Hyderabad) hosted the release of Cashless Nation: How UPI Changed Everything, written by Dr. Santanu Paul and B. Sambamurthy and published by Penguin Random House. The event took place on September 12, 2026, in the presence of eminent luminaries Dr. D. Subbarao, G.V. Prasad, Srini Raju and U. B. Desai.
Cashless Nation is a multi-decade narrative of how India built the world’s most consequential digital payments system and reshaped its relationship with money. With lucid, fast-paced storytelling, this book traces the personalities, bold ideas, institutional grit, and quiet breakthroughs behind this transformation. It is a compelling ringside view of India’s technological ascent.
UPI celebrated its 10th anniversary this year breaking new records. Today, from street-side vada pav carts to fine-dining restaurants, from plumbers to doctors, from kirana shops to e-commerce behemoths, the swelling tide of UPI payments has lifted all. Seen through the lens of India’s search for financial inclusion and leavened with extensive interviews conducted with principal actors who made it possible, Cashless Nation documents the rise of India as a digital powerhouse.
Speaking on the occasion, Dr. D. Subbarao said “UPI is not just a new payment product; it is a new payment ecosystem — an open, interoperable public infrastructure that has transformed financial inclusion and enabled unprecedented private innovation. What looks today like an inevitable revolution is the result of years of institutional choices, technological innovation and determined execution. Shantanu Paul and B. Sambamurthy are uniquely qualified to tell this story, having been participants in the development of these technologies. Cashless Nation is a remarkable account of that journey.”
Congratulating the authors on the publication, Prof. Sandeep Shukla, Director, IIIT Hyderabad, said: “This well-researched book captures an important transformation in India’s journey towards a cashless nation. UPI is a technology that has made the world sit up and look at India as a global leader in payment technology.”
The book is crafted for a diverse audience, and sheds light on how frictionless digital payments can transform societies, bridge economic divides, and pave the way for an efficient global economy. It is written for readers who enjoy learning about the interplay between technology and finance, policy and practice, as well as enterprises and startups. It is for well-wishers, who may live in India or abroad, that would like very much to see India emerge as the next superpower.
The book’s authors Dr. Paul and Mr. Sambamurthy, have had a ring-side view of the transformative developments in India’s payments landscape, thanks to their deep involvement with NPCI and IDRBT, as well as many other boards and committees across India’s financial sector. This unique combination of a technology practitioner and a banking practitioner writing together provides readers with rare insights.
