The rail

Payments

Indian payments — reported, then argued.

Payments

Razorpay trained a payments model. The interesting part is who it already sits inside.

Vulcan is being sold as India's first foundation model for payments. The real story is routing, fraud, and an 8–10% lift in success rates at merchants that cannot afford a failed UPI ping.

Kabir Menon · 19 Aug · 8 min read

Payments

PhonePe is a payments company that wants to be a switch. Those are different jobs.

UPI made a giant. The next decade is whether that giant is a surface, a lender, or the rails themselves.

Kabir Menon · 12 Aug · 7 min read

Opinion · Payments

The next UPI war is credit. It will not look like credit.

The ping will feel the same. The balance sheet will not. Every app with a QR is auditioning to be a lender.

Kabir Menon · 8 Aug · 6 min read