diff --git a/README.md b/README.md
index e820b93e63cc..db8e820ef142 100644
--- a/README.md
+++ b/README.md
@@ -3,7 +3,6 @@
   <img src="./docs/imgs/hyperswitch-logo-light.svg#gh-light-mode-only" alt="Hyperswitch-Logo" width="40%" />
 </p>
 
-
 <h1 align="center">The open-source payments switch</h1>
 
 <div align="center" >
@@ -35,7 +34,6 @@ The single API to access payment ecosystems across 130+ countries</div>
   </a>
 </p>
 
-
 <hr>
 <img src="./docs/imgs/switch.png" />
 
@@ -57,14 +55,14 @@ Using Hyperswitch, you can:
   <h2 id="Quick Start Guide">⚡️ Quick Start Guide</h2>
 </a>
 
-<h3> One-click deployment on AWS cloud </h3>
+### One-click deployment on AWS cloud
 
-The fastest and easiest way to try hyperswitch is via our CDK scripts
+The fastest and easiest way to try Hyperswitch is via our CDK scripts
 
 1. Click on the following button for a quick standalone deployment on AWS, suitable for prototyping.
    No code or setup is required in your system and the deployment is covered within the AWS free-tier setup.
 
-&emsp;&emsp; <a href="https://console.aws.amazon.com/cloudformation/home?region=us-east-1#/stacks/new?stackName=HyperswitchBootstarp&templateURL=https://hyperswitch-synth.s3.eu-central-1.amazonaws.com/hs-starter-config.yaml"><img src="./docs/imgs/aws_button.png" height="35"></a>
+   <a href="https://console.aws.amazon.com/cloudformation/home?region=us-east-1#/stacks/new?stackName=HyperswitchBootstarp&templateURL=https://hyperswitch-synth.s3.eu-central-1.amazonaws.com/hs-starter-config.yaml"><img src="./docs/imgs/aws_button.png" height="35"></a>
 
 2. Sign-in to your AWS console.
 
@@ -72,12 +70,27 @@ The fastest and easiest way to try hyperswitch is via our CDK scripts
 
 For an early access to the production-ready setup fill this <a href="https://forms.gle/v6ru55XDZFufVPnu9">Early Access Form</a>
 
+### Run it on your system
+
+You can run Hyperswitch on your system using Docker Compose after cloning this repository:
+
+```shell
+docker compose up -d
+```
+
+This will start the payments router, the primary component within Hyperswitch.
+
+Check out the [local setup guide][local-setup-guide] for a more comprehensive
+setup, which includes the [scheduler and monitoring services][docker-compose-scheduler-monitoring].
+
+[local-setup-guide]: /docs/try_local_system.md
+[docker-compose-scheduler-monitoring]: /docs/try_local_system.md#run-the-scheduler-and-monitoring-services
+
 <a href="#Fast-Integration-for-Stripe-Users">
   <h2 id="Fast Integration for Stripe Users">🔌 Fast Integration for Stripe Users</h2>
 </a>
 
-If you are already using Stripe, integrating with Hyperswitch is fun, fast &
-easy.
+If you are already using Stripe, integrating with Hyperswitch is fun, fast & easy.
 Try the steps below to get a feel for how quick the setup is:
 
 1. Get API keys from our [dashboard].
@@ -96,9 +109,7 @@ Try the steps below to get a feel for how quick the setup is:
 As of Sept 2023, we support 50+ payment processors and multiple global payment methods.
 In addition, we are continuously integrating new processors based on their reach and community requests.
 Our target is to support 100+ processors by H2 2023.
-You can find the latest list of payment processors, supported methods, and
-features
-[here][supported-connectors-and-features].
+You can find the latest list of payment processors, supported methods, and features [here][supported-connectors-and-features].
 
 [supported-connectors-and-features]: https://hyperswitch.io/pm-list
 
@@ -252,12 +263,11 @@ We welcome contributions from the community. Please read through our
 Included are directions for opening issues, coding standards, and notes on
 development.
 
-- We appreciate all types of contributions: code, documentation, demo creation, or something new way you want to contribute to us. We will reward every contribution with a Hyperswitch branded t-shirt. 
-- 🦀 **Important note for Rust developers**: We aim for contributions from the community
-across a broad range of tracks. Hence, we have prioritised simplicity and code
-readability over purely idiomatic code. For example, some of the code in core
-functions (e.g., `payments_core`) is written to be more readable than
-pure-idiomatic.
+- We appreciate all types of contributions: code, documentation, demo creation, or some new way you want to contribute to us.
+  We will reward every contribution with a Hyperswitch branded t-shirt.
+- 🦀 **Important note for Rust developers**: We aim for contributions from the community across a broad range of tracks.
+  Hence, we have prioritised simplicity and code readability over purely idiomatic code.
+  For example, some of the code in core functions (e.g., `payments_core`) is written to be more readable than pure-idiomatic.
 
 <a href="#Community">
   <h2 id="Community">👥 Community</h2>
@@ -269,7 +279,6 @@ Get updates on Hyperswitch development and chat with the community:
 - [Slack workspace][slack] for questions related to integrating hyperswitch, integrating a connector in hyperswitch, etc.
 - [GitHub Discussions][github-discussions] to drop feature requests or suggest anything payments-related you need for your stack.
 
-[blog]: https://hyperswitch.io/blog
 [discord]: https://discord.gg/wJZ7DVW8mm
 [slack]: https://join.slack.com/t/hyperswitch-io/shared_invite/zt-1k6cz4lee-SAJzhz6bjmpp4jZCDOtOIg
 [github-discussions]: https://github.com/juspay/hyperswitch/discussions
@@ -314,7 +323,6 @@ Check the [CHANGELOG.md](./CHANGELOG.md) file for details.
 
 This product is licensed under the [Apache 2.0 License](LICENSE).
 
-
 <a href="#Thanks to all contributors">
   <h2 id="Thanks to all contributors">✨ Thanks to all contributors</h2>
 </a>
diff --git a/docker-compose-development.yml b/docker-compose-development.yml
new file mode 100644
index 000000000000..500f397cfa30
--- /dev/null
+++ b/docker-compose-development.yml
@@ -0,0 +1,301 @@
+version: "3.8"
+
+volumes:
+  cargo_cache:
+  pg_data:
+  router_build_cache:
+  scheduler_build_cache:
+  drainer_build_cache:
+  redisinsight_store:
+
+networks:
+  router_net:
+
+services:
+  ### Dependencies
+  pg:
+    image: postgres:latest
+    ports:
+      - "5432:5432"
+    networks:
+      - router_net
+    volumes:
+      - pg_data:/VAR/LIB/POSTGRESQL/DATA
+    environment:
+      - POSTGRES_USER=db_user
+      - POSTGRES_PASSWORD=db_pass
+      - POSTGRES_DB=hyperswitch_db
+
+  redis-standalone:
+    image: redis:7
+    labels:
+      - redis
+    networks:
+      - router_net
+    ports:
+      - "6379"
+
+  migration_runner:
+    image: rust:latest
+    command: "bash -c 'cargo install diesel_cli --no-default-features --features postgres && diesel migration --database-url postgres://$${DATABASE_USER}:$${DATABASE_PASSWORD}@$${DATABASE_HOST}:$${DATABASE_PORT}/$${DATABASE_NAME} run'"
+    working_dir: /app
+    networks:
+      - router_net
+    volumes:
+      - ./:/app
+    environment:
+      - DATABASE_USER=db_user
+      - DATABASE_PASSWORD=db_pass
+      - DATABASE_HOST=pg
+      - DATABASE_PORT=5432
+      - DATABASE_NAME=hyperswitch_db
+
+  ### Application services
+  hyperswitch-server:
+    image: rust:latest
+    command: cargo run --bin router -- -f ./config/docker_compose.toml
+    working_dir: /app
+    ports:
+      - "8080:8080"
+    networks:
+      - router_net
+    volumes:
+      - ./:/app
+      - cargo_cache:/cargo_cache
+      - router_build_cache:/cargo_build_cache
+    environment:
+      - CARGO_HOME=/cargo_cache
+      - CARGO_TARGET_DIR=/cargo_build_cache
+    labels:
+      logs: "promtail"
+    healthcheck:
+      test: curl --fail http://localhost:8080/health || exit 1
+      interval: 120s
+      retries: 4
+      start_period: 20s
+      timeout: 10s
+
+  hyperswitch-producer:
+    image: rust:latest
+    command: cargo run --bin scheduler -- -f ./config/docker_compose.toml
+    working_dir: /app
+    networks:
+      - router_net
+    profiles:
+      - scheduler
+    volumes:
+      - ./:/app
+      - cargo_cache:/cargo_cache
+      - scheduler_build_cache:/cargo_build_cache
+    environment:
+      - CARGO_HOME=/cargo_cache
+      - CARGO_TARGET_DIR=/cargo_build_cache
+      - SCHEDULER_FLOW=producer
+    depends_on:
+      hyperswitch-consumer:
+        condition: service_healthy
+    labels:
+      logs: "promtail"
+
+  hyperswitch-consumer:
+    image: rust:latest
+    command: cargo run --bin scheduler -- -f ./config/docker_compose.toml
+    working_dir: /app
+    networks:
+      - router_net
+    profiles:
+      - scheduler
+    volumes:
+      - ./:/app
+      - cargo_cache:/cargo_cache
+      - scheduler_build_cache:/cargo_build_cache
+    environment:
+      - CARGO_HOME=/cargo_cache
+      - CARGO_TARGET_DIR=/cargo_build_cache
+      - SCHEDULER_FLOW=consumer
+    depends_on:
+      hyperswitch-server:
+        condition: service_started
+    labels:
+      logs: "promtail"
+    healthcheck:
+      test: (ps -e | grep scheduler) || exit 1
+      interval: 120s
+      retries: 4
+      start_period: 30s
+      timeout: 10s
+
+  hyperswitch-drainer:
+    image: rust:latest
+    command: cargo run --bin drainer -- -f ./config/docker_compose.toml
+    working_dir: /app
+    deploy:
+      replicas: ${DRAINER_INSTANCE_COUNT:-1}
+    networks:
+      - router_net
+    profiles:
+      - full_kv
+    volumes:
+      - ./:/app
+      - cargo_cache:/cargo_cache
+      - drainer_build_cache:/cargo_build_cache
+    environment:
+      - CARGO_HOME=/cargo_cache
+      - CARGO_TARGET_DIR=/cargo_build_cache
+    restart: unless-stopped
+    depends_on:
+      hyperswitch-server:
+        condition: service_started
+    labels:
+      logs: "promtail"
+
+  ### Clustered Redis setup
+  redis-cluster:
+    image: redis:7
+    deploy:
+      replicas: ${REDIS_CLUSTER_COUNT:-3}
+    command: redis-server /usr/local/etc/redis/redis.conf
+    profiles:
+      - clustered_redis
+    volumes:
+      - ./config/redis.conf:/usr/local/etc/redis/redis.conf
+    labels:
+      - redis
+    networks:
+      - router_net
+    ports:
+      - "6379"
+      - "16379"
+
+  redis-init:
+    image: redis:7
+    profiles:
+      - clustered_redis
+    depends_on:
+      - redis-cluster
+    networks:
+      - router_net
+    command: "bash -c 'export COUNT=${REDIS_CLUSTER_COUNT:-3}
+
+      \ if [ $$COUNT -lt 3 ]
+
+      \ then
+
+      \ echo \"Minimum 3 nodes are needed for redis cluster\"
+
+      \ exit 1
+
+      \ fi
+
+      \ HOSTS=\"\"
+
+      \ for ((c=1; c<=$$COUNT;c++))
+
+      \ do
+
+      \ NODE=$COMPOSE_PROJECT_NAME-redis-cluster-$$c:6379
+
+      \ echo $$NODE
+
+      \ HOSTS=\"$$HOSTS $$NODE\"
+
+      \ done
+
+      \ echo Creating a cluster with $$HOSTS
+
+      \ redis-cli --cluster create $$HOSTS --cluster-yes
+
+      \ '"
+
+  ### Monitoring
+  grafana:
+    image: grafana/grafana:latest
+    ports:
+      - "3000:3000"
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    restart: unless-stopped
+    environment:
+      - GF_AUTH_ANONYMOUS_ORG_ROLE=Admin
+      - GF_AUTH_ANONYMOUS_ENABLED=true
+      - GF_AUTH_BASIC_ENABLED=false
+    volumes:
+      - ./config/grafana.ini:/etc/grafana/grafana.ini
+      - ./config/grafana-datasource.yaml:/etc/grafana/provisioning/datasources/datasource.yml
+
+  promtail:
+    image: grafana/promtail:latest
+    volumes:
+      - ./logs:/var/log/router
+      - ./config:/etc/promtail
+      - /var/run/docker.sock:/var/run/docker.sock
+    command: -config.file=/etc/promtail/promtail.yaml
+    profiles:
+      - monitoring
+    networks:
+      - router_net
+
+  loki:
+    image: grafana/loki:latest
+    ports:
+      - "3100"
+    command: -config.file=/etc/loki/loki.yaml
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    volumes:
+      - ./config:/etc/loki
+
+  otel-collector:
+    image: otel/opentelemetry-collector-contrib:latest
+    command: --config=/etc/otel-collector.yaml
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    volumes:
+      - ./config/otel-collector.yaml:/etc/otel-collector.yaml
+    ports:
+      - "4317"
+      - "8888"
+      - "8889"
+
+  prometheus:
+    image: prom/prometheus:latest
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    volumes:
+      - ./config/prometheus.yaml:/etc/prometheus/prometheus.yml
+    ports:
+      - "9090"
+    restart: unless-stopped
+
+  tempo:
+    image: grafana/tempo:latest
+    command: -config.file=/etc/tempo.yaml
+    volumes:
+      - ./config/tempo.yaml:/etc/tempo.yaml
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    ports:
+      - "3200" # tempo
+      - "4317" # otlp grpc
+    restart: unless-stopped
+
+  redis-insight:
+    image: redislabs/redisinsight:latest
+    networks:
+      - router_net
+    profiles:
+      - full_kv
+    ports:
+      - "8001:8001"
+    volumes:
+      - redisinsight_store:/db
diff --git a/docker-compose.yml b/docker-compose.yml
index f4dce575132e..fd18906143f5 100644
--- a/docker-compose.yml
+++ b/docker-compose.yml
@@ -1,76 +1,16 @@
-version: "3.7"
+version: "3.8"
 
 volumes:
-  cargo_cache:
   pg_data:
-  cargo_build_cache:
-  p_cargo_build_cache:
-  c_cargo_build_cache:
   redisinsight_store:
 
-
 networks:
   router_net:
 
-
 services:
-  promtail:
-    image: grafana/promtail:latest
-    volumes:
-      - ./logs:/var/log/router
-      - ./config:/etc/promtail
-      - /var/run/docker.sock:/var/run/docker.sock
-    command: -config.file=/etc/promtail/promtail.yaml
-    profiles:
-      - monitoring
-    networks:
-      - router_net
-
-  loki:
-    image: grafana/loki:latest
-    ports:
-      - "3100"
-    command: -config.file=/etc/loki/loki.yaml
-    networks:
-      - router_net
-    profiles:
-      - monitoring
-    volumes:
-      - ./config:/etc/loki
-
-  otel-collector:
-    image: otel/opentelemetry-collector-contrib:latest
-    command: --config=/etc/otel-collector.yaml
-    networks:
-      - router_net
-    profiles:
-      - monitoring
-    volumes:
-      - ./config/otel-collector.yaml:/etc/otel-collector.yaml
-    ports:
-      - "4317"
-      - "8888"
-      - "8889"
-
-  grafana:
-    image: grafana/grafana:latest
-    ports:
-      - "3000:3000"
-    networks:
-      - router_net
-    profiles:
-      - monitoring
-    restart: unless-stopped
-    environment:
-      - GF_AUTH_ANONYMOUS_ORG_ROLE=Admin
-      - GF_AUTH_ANONYMOUS_ENABLED=true
-      - GF_AUTH_BASIC_ENABLED=false
-    volumes:
-      - ./config/grafana.ini:/etc/grafana/grafana.ini
-      - ./config/grafana-datasource.yaml:/etc/grafana/provisioning/datasources/datasource.yml
-
+  ### Dependencies
   pg:
-    image: postgres:14.5
+    image: postgres:latest
     ports:
       - "5432:5432"
     networks:
@@ -82,52 +22,59 @@ services:
       - POSTGRES_PASSWORD=db_pass
       - POSTGRES_DB=hyperswitch_db
 
+  redis-standalone:
+    image: redis:7
+    labels:
+      - redis
+    networks:
+      - router_net
+    ports:
+      - "6379"
+
   migration_runner:
-    image: rust:1.70
-    command: "bash -c 'cargo install diesel_cli --no-default-features --features \"postgres\" && diesel migration --database-url postgres://db_user:db_pass@pg:5432/hyperswitch_db run'"
+    image: rust:latest
+    command: "bash -c 'cargo install diesel_cli --no-default-features --features postgres && diesel migration --database-url postgres://$${DATABASE_USER}:$${DATABASE_PASSWORD}@$${DATABASE_HOST}:$${DATABASE_PORT}/$${DATABASE_NAME} run'"
     working_dir: /app
     networks:
       - router_net
     volumes:
       - ./:/app
+    environment:
+      - DATABASE_USER=db_user
+      - DATABASE_PASSWORD=db_pass
+      - DATABASE_HOST=pg
+      - DATABASE_PORT=5432
+      - DATABASE_NAME=hyperswitch_db
 
+  ### Application services
   hyperswitch-server:
-    image: rust:1.70
-    command: cargo run -- -f ./config/docker_compose.toml
-    working_dir: /app
+    image: juspaydotin/hyperswitch-router:standalone
+    command: /local/bin/router -f /local/config/docker_compose.toml
     ports:
       - "8080:8080"
     networks:
       - router_net
     volumes:
-      - ./:/app
-      - cargo_cache:/cargo_cache
-      - cargo_build_cache:/cargo_build_cache
-    environment:
-      - CARGO_TARGET_DIR=/cargo_build_cache
+      - ./config:/local/config
     labels:
       logs: "promtail"
     healthcheck:
       test: curl --fail http://localhost:8080/health || exit 1
-      interval: 100s
+      interval: 10s
       retries: 3
-      start_period: 20s
+      start_period: 5s
       timeout: 10s
 
   hyperswitch-producer:
-    image: rust:1.70
-    command: cargo run --bin scheduler -- -f ./config/docker_compose.toml
-    working_dir: /app
+    image: juspaydotin/hyperswitch-producer:standalone
+    command: /local/bin/scheduler -f /local/config/docker_compose.toml
     networks:
       - router_net
     profiles:
       - scheduler
     volumes:
-      - ./:/app
-      - cargo_cache:/cargo_cache
-      - p_cargo_build_cache:/cargo_build_cache
+      - ./config:/local/config
     environment:
-      - CARGO_TARGET_DIR=/cargo_build_cache
       - SCHEDULER_FLOW=producer
     depends_on:
       hyperswitch-consumer:
@@ -136,39 +83,54 @@ services:
       logs: "promtail"
 
   hyperswitch-consumer:
-    image: rust:1.70
-    command: cargo run --bin scheduler -- -f ./config/docker_compose.toml
-    working_dir: /app
+    image: juspaydotin/hyperswitch-consumer:standalone
+    command: /local/bin/scheduler -f /local/config/docker_compose.toml
     networks:
       - router_net
     profiles:
       - scheduler
     volumes:
-      - ./:/app
-      - cargo_cache:/cargo_cache
-      - c_cargo_build_cache:/cargo_build_cache
+      - ./config:/local/config
     environment:
-      - CARGO_TARGET_DIR=/cargo_build_cache
       - SCHEDULER_FLOW=consumer
     depends_on:
       hyperswitch-server:
         condition: service_started
-
     labels:
       logs: "promtail"
-
     healthcheck:
       test: (ps -e | grep scheduler) || exit 1
-      interval: 120s
+      interval: 10s
       retries: 3
-      start_period: 30s
+      start_period: 5s
       timeout: 10s
 
+  hyperswitch-drainer:
+    image: juspaydotin/hyperswitch-drainer:standalone
+    command: /local/bin/drainer -f /local/config/docker_compose.toml
+    deploy:
+      replicas: ${DRAINER_INSTANCE_COUNT:-1}
+    networks:
+      - router_net
+    profiles:
+      - full_kv
+    volumes:
+      - ./config:/local/config
+    restart: unless-stopped
+    depends_on:
+      hyperswitch-server:
+        condition: service_started
+    labels:
+      logs: "promtail"
+
+  ### Clustered Redis setup
   redis-cluster:
     image: redis:7
     deploy:
       replicas: ${REDIS_CLUSTER_COUNT:-3}
     command: redis-server /usr/local/etc/redis/redis.conf
+    profiles:
+      - clustered_redis
     volumes:
       - ./config/redis.conf:/usr/local/etc/redis/redis.conf
     labels:
@@ -179,17 +141,10 @@ services:
       - "6379"
       - "16379"
 
-  redis-standalone:
-    image: redis:7
-    labels:
-      - redis
-    networks:
-      - router_net
-    ports:
-      - "6379"
-
   redis-init:
     image: redis:7
+    profiles:
+      - clustered_redis
     depends_on:
       - redis-cluster
     networks:
@@ -226,16 +181,62 @@ services:
 
       \ '"
 
-  redis-insight:
-    image: redislabs/redisinsight:latest
+  ### Monitoring
+  grafana:
+    image: grafana/grafana:latest
+    ports:
+      - "3000:3000"
     networks:
       - router_net
     profiles:
-      - full_kv
+      - monitoring
+    restart: unless-stopped
+    environment:
+      - GF_AUTH_ANONYMOUS_ORG_ROLE=Admin
+      - GF_AUTH_ANONYMOUS_ENABLED=true
+      - GF_AUTH_BASIC_ENABLED=false
+    volumes:
+      - ./config/grafana.ini:/etc/grafana/grafana.ini
+      - ./config/grafana-datasource.yaml:/etc/grafana/provisioning/datasources/datasource.yml
+
+  promtail:
+    image: grafana/promtail:latest
+    volumes:
+      - ./logs:/var/log/router
+      - ./config:/etc/promtail
+      - /var/run/docker.sock:/var/run/docker.sock
+    command: -config.file=/etc/promtail/promtail.yaml
+    profiles:
+      - monitoring
+    networks:
+      - router_net
+
+  loki:
+    image: grafana/loki:latest
     ports:
-      - "8001:8001"
+      - "3100"
+    command: -config.file=/etc/loki/loki.yaml
+    networks:
+      - router_net
+    profiles:
+      - monitoring
     volumes:
-      - redisinsight_store:/db
+      - ./config:/etc/loki
+
+  otel-collector:
+    image: otel/opentelemetry-collector-contrib:latest
+    command: --config=/etc/otel-collector.yaml
+    networks:
+      - router_net
+    profiles:
+      - monitoring
+    volumes:
+      - ./config/otel-collector.yaml:/etc/otel-collector.yaml
+    ports:
+      - "4317"
+      - "8888"
+      - "8889"
+
   prometheus:
     image: prom/prometheus:latest
     networks:
@@ -261,25 +262,14 @@ services:
       - "3200" # tempo
       - "4317" # otlp grpc
     restart: unless-stopped
-  hyperswitch-drainer:
-    image: rust:1.70
-    command: cargo run --bin drainer -- -f ./config/docker_compose.toml
-    working_dir: /app
-    deploy:
-      replicas: ${DRAINER_INSTANCE_COUNT:-1}
+
+  redis-insight:
+    image: redislabs/redisinsight:latest
     networks:
       - router_net
     profiles:
       - full_kv
+    ports:
+      - "8001:8001"
     volumes:
-      - ./:/app
-      - cargo_cache:/cargo_cache
-      - cargo_build_cache:/cargo_build_cache
-    environment:
-      - CARGO_TARGET_DIR=/cargo_build_cache
-    restart: unless-stopped
-    depends_on:
-      hyperswitch-server:
-        condition: service_started
-    labels:
-      logs: "promtail"
+      - redisinsight_store:/db
diff --git a/docs/try_local_system.md b/docs/try_local_system.md
index 59df43f24810..a9cd080f26d5 100644
--- a/docs/try_local_system.md
+++ b/docs/try_local_system.md
@@ -1,23 +1,20 @@
 # Try out hyperswitch on your system
 
-**NOTE:**
-This guide is aimed at users and developers who wish to set up hyperswitch on
-their local systems and requires quite some time and effort.
-If you'd prefer trying out hyperswitch quickly without the hassle of setting up
-all dependencies, you can [try out hyperswitch sandbox environment][try-sandbox].
-
-There are two options to set up hyperswitch on your system:
-
-1. Use Docker Compose
-2. Set up a Rust environment and other dependencies on your system
+The simplest way to run hyperswitch locally is
+[with Docker Compose](#run-hyperswitch-using-docker-compose) by pulling the
+latest images from Docker Hub.
+However, if you're willing to modify the code and run it, or are a developer
+contributing to hyperswitch, then you can either
+[set up a development environment using Docker Compose](#set-up-a-development-environment-using-docker-compose),
+or [set up a Rust environment on your system](#set-up-a-rust-environment-and-other-dependencies).
 
 Check the Table Of Contents to jump to the relevant section.
 
-[try-sandbox]: ./try_sandbox.md
-
 **Table Of Contents:**
 
-- [Set up hyperswitch using Docker Compose](#set-up-hyperswitch-using-docker-compose)
+- [Run hyperswitch using Docker Compose](#run-hyperswitch-using-docker-compose)
+  - [Run the scheduler and monitoring services](#run-the-scheduler-and-monitoring-services)
+- [Set up a development environment using Docker Compose](#set-up-a-development-environment-using-docker-compose)
 - [Set up a Rust environment and other dependencies](#set-up-a-rust-environment-and-other-dependencies)
   - [Set up dependencies on Ubuntu-based systems](#set-up-dependencies-on-ubuntu-based-systems)
   - [Set up dependencies on Windows (Ubuntu on WSL2)](#set-up-dependencies-on-windows-ubuntu-on-wsl2)
@@ -33,7 +30,7 @@ Check the Table Of Contents to jump to the relevant section.
   - [Create a Payment](#create-a-payment)
   - [Create a Refund](#create-a-refund)
 
-## Set up hyperswitch using Docker Compose
+## Run hyperswitch using Docker Compose
 
 1. Install [Docker Compose][docker-compose-install].
 2. Clone the repository and switch to the project directory:
@@ -54,15 +51,15 @@ Check the Table Of Contents to jump to the relevant section.
    docker compose up -d
    ```
 
-5. Run database migrations:
-
-   ```shell
-   docker compose run hyperswitch-server bash -c \
-      "cargo install diesel_cli && \
-      diesel migration --database-url postgres://db_user:db_pass@pg:5432/hyperswitch_db run"
-   ```
+   This should run the hyperswitch payments router, the primary component within
+   hyperswitch.
+   Wait for the `migration_runner` container to finish installing `diesel_cli`
+   and running migrations (approximately 2 minutes) before proceeding further.
+   You can also choose to
+   [run the scheduler and monitoring services](#run-the-scheduler-and-monitoring-services)
+   in addition to the payments router.
 
-6. Verify that the server is up and running by hitting the health endpoint:
+5. Verify that the server is up and running by hitting the health endpoint:
 
    ```shell
    curl --head --request GET 'http://localhost:8080/health'
@@ -71,9 +68,86 @@ Check the Table Of Contents to jump to the relevant section.
    If the command returned a `200 OK` status code, proceed with
    [trying out our APIs](#try-out-our-apis).
 
+### Run the scheduler and monitoring services
+
+You can run the scheduler and monitoring services by specifying suitable profile
+names to the above Docker Compose command.
+To understand more about the hyperswitch architecture and the components
+involved, check out the [architecture document][architecture].
+
+- To run the scheduler components (consumer and producer), you can specify
+  `--profile scheduler`:
+
+  ```shell
+  docker compose --profile scheduler up -d
+  ```
+
+- To run the monitoring services (Grafana, Promtail, Loki, Prometheus and Tempo),
+  you can specify `--profile monitoring`:
+
+  ```shell
+  docker compose --profile monitoring up -d
+  ```
+
+  You can then access Grafana at `http://localhost:3000` and view application
+  logs using the "Explore" tab, select Loki as the data source, and select the
+  container to query logs from.
+
+- You can also specify multiple profile names by specifying the `--profile` flag
+  multiple times.
+  To run both the scheduler components and monitoring services, the Docker
+  Compose command would be:
+
+  ```shell
+  docker compose --profile scheduler --profile monitoring up -d
+  ```
+
+Once the services have been confirmed to be up and running, you can proceed with
+[trying out our APIs](#try-out-our-apis)
+
 [docker-compose-install]: https://docs.docker.com/compose/install/
 [docker-compose-config]: /config/docker_compose.toml
 [docker-compose-yml]: /docker-compose.yml
+[architecture]: /docs/architecture.md
+
+## Set up a development environment using Docker Compose
+
+1. Install [Docker Compose][docker-compose-install].
+2. Clone the repository and switch to the project directory:
+
+   ```shell
+   git clone https://github.com/juspay/hyperswitch
+   cd hyperswitch
+   ```
+
+3. (Optional) Configure the application using the
+   [`config/docker_compose.toml`][docker-compose-config] file.
+   The provided configuration should work as is.
+   If you do update the `docker_compose.toml` file, ensure to also update the
+   corresponding values in the [`docker-compose.yml`][docker-compose-yml] file.
+4. Start all the services using Docker Compose:
+
+   ```shell
+   docker compose --file docker-compose-development.yml up -d
+   ```
+
+   This will compile the payments router, the primary component within
+   hyperswitch and then start it.
+   Depending on the specifications of your machine, compilation can take
+   around 15 minutes.
+
+5. (Optional) You can also choose to
+   [start the scheduler and/or monitoring services](#run-the-scheduler-and-monitoring-services)
+   in addition to the payments router.
+
+6. Verify that the server is up and running by hitting the health endpoint:
+
+   ```shell
+   curl --head --request GET 'http://localhost:8080/health'
+   ```
+
+   If the command returned a `200 OK` status code, proceed with
+   [trying out our APIs](#try-out-our-apis).
 
 ## Set up a Rust environment and other dependencies
 
@@ -134,7 +208,7 @@ for your distribution and follow along.
 4. Install `diesel_cli` using `cargo`:
 
    ```shell
-   cargo install diesel_cli --no-default-features --features "postgres"
+   cargo install diesel_cli --no-default-features --features postgres
    ```
 
 5. Make sure your system has the `pkg-config` package and OpenSSL installed:
@@ -224,7 +298,7 @@ packages for your distribution and follow along.
 6. Install `diesel_cli` using `cargo`:
 
    ```shell
-   cargo install diesel_cli --no-default-features --features "postgres"
+   cargo install diesel_cli --no-default-features --features postgres
    ```
 
 7. Make sure your system has the `pkg-config` package and OpenSSL installed:
@@ -260,7 +334,7 @@ You can opt to use your favorite package manager instead.
 4. Install `diesel_cli` using `cargo`:
 
    ```shell
-   cargo install diesel_cli --no-default-features --features "postgres"
+   cargo install diesel_cli --no-default-features --features postgres
    ```
 
 5. Install OpenSSL with `winget`:
@@ -322,7 +396,7 @@ You can opt to use your favorite package manager instead.
 4. Install `diesel_cli` using `cargo`:
 
    ```shell
-   cargo install diesel_cli --no-default-features --features "postgres"
+   cargo install diesel_cli --no-default-features --features postgres
    ```
 
    If linking `diesel_cli` fails due to missing `libpq` (if the error message is
@@ -333,7 +407,7 @@ You can opt to use your favorite package manager instead.
    brew install libpq
    export PQ_LIB_DIR="$(brew --prefix libpq)/lib"
 
-   cargo install diesel_cli --no-default-features --features "postgres"
+   cargo install diesel_cli --no-default-features --features postgres
    ```
 
    You may also choose to persist the value of `PQ_LIB_DIR` in your shell