This chapter explores how the Indian state asserts its digital sovereignty through digital public goods, including the Unified Payment Interface (UPI), which is overseen by the National Payments Corporation of India (NPCI), an entity governed by the Reserve Bank of India. This chapter demonstrates how, as part of the “India Stack,” indigenous digital payment design, architecture, and governance mechanisms allow for accessible, secure, and interoperable transactions in a mobile-first, open API-based payment network. This significantly reduces India’s dependence on foreign financial systems and protects it from shocks that could result from foreign sanctions (e.g., US economic sanctions of Russia in 2014 impacting MasterCard and Visa users in Russia). However, such a system is not without potential drawbacks, some of which include the dominance of foreign entities (e.g., Google Pay) on UPI as well as state-sanctioned monopolies that may minimize civil society participation and market competition. Besides interoperability and risk mitigation, the authors also advocate a multi-stakeholder governance model for the national digital payment system to bolster public ownership and institutional checks and balances.