India's digital economy has emerged as a central pillar of the country's economic and social future, according to policymakers, regulators, and industry leaders who convened at a Digital Payments Conclave in New Delhi on 8 July 2025. The event, organised by the Chintan Research Foundation (CRF) in partnership with Ikigai Law and Koan Advisory Group, brought together a cross-section of voices to deliberate on the trajectory of India's digital payments ecosystem and the policy architecture required to sustain it.

Key Voices and Opening Remarks

Sanjeev Ahluwalia, Distinguished Fellow at CRF, set the tone in his inaugural address, describing the digital economy as a foundational pillar of India's economic and social progress. He underscored the transformative role of Digital Public Infrastructure (DPI) and digital payments in expanding financial inclusion and improving economic efficiency across the country.

Deepak Mishra, Distinguished Visiting Professor at the Indian Council for Research on International Economic Relations (ICRIER), cautioned that digitalisation cannot simply be imported — it must be constructed on strong foundations of human capital, institutional trust, and sustained investment. He noted that today's users of artificial intelligence would become tomorrow's innovators, stressing the need for informed public engagement with emerging technologies.

Rajat Kathuria, Dean of the School of Humanities and Social Sciences at Shiv Nadar University, argued that India's digital public infrastructure is built on trust and holds the potential to drive productivity gains through research, data infrastructure, and high-value digital services. However, he cautioned against digital determinism, warning that technological progress must remain inclusive without compromising identity protection, consent, or accessibility.

The Next Phase of UPI and Payments Infrastructure

Balakrishnan Mahadevan, former Chief Operating Officer of the National Payments Corporation of India (NPCI), offered a candid assessment of the road ahead. While the first decade of the Unified Payments Interface (UPI) was defined by interoperability and scale, he argued the next phase must prioritise resilience, redundancy, and AI-enabled fraud detection.

Former Finance Secretary Ashok Lavasa emphasised the need for integrated infrastructure, harmonised standards, and clear legal frameworks to support the internationalisation of India's payment systems and facilitate secure cross-border transactions — a priority as India pushes UPI adoption in partner nations.

Digital Assets and Regulatory Approach

On the question of digital assets, Megha Sidhu, Officer on Special Duty (Joint Commissioner) at the Financial Action Task Force (FATF) Cell under the Department of Revenue, said India's approach to cryptocurrencies and virtual digital assets remains grounded in technological neutrality and risk-based regulation. The position signals continuity rather than a sharp pivot, even as global regulatory frameworks for digital assets continue to evolve.

Cybersecurity and Consumer Protection

A recurring concern at the conclave was the rising threat of digital fraud and cybercrime. Experts called for stronger institutional coordination, greater consumer awareness, and a decisive shift towards proactive cybersecurity measures to protect confidence in India's rapidly expanding digital financial ecosystem.

Participants said the insights from the conclave would feed into the evolving policy discourse on building a secure, inclusive, and globally competitive digital payments ecosystem — in line with the vision of Viksit Bharat 2047.