NPCI CEO: UPI Could Expand Tenfold, Bringing 200-300 Million More Users
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Synopsis
Dilip Asbe, MD and CEO of NPCI, announced that UPI has the capability of growing tenfold, potentially adding 200-300 million more users to the digital payments landscape, emphasizing the importance of support from the RBI and government.
Key Takeaways
- UPI can grow 10 times.
- 200-300 million new users are possible.
- Support from RBI and government is crucial.
- RuPay is rapidly increasing its market share.
- Investments in cybersecurity are essential.
New Delhi, Jan 17 (NationPress) The Unified Payments Interface (UPI) is poised to expand tenfold, potentially integrating an additional 200-300 million users into the realm of digital payments in the near future, as stated by Dilip Asbe, the Managing Director and CEO of the National Payments Corporation of India (NPCI), on Friday.
Emphasizing that India stands at the threshold of a digital payments revolution, Asbe remarked that the network effects will progressively improve the system from here on.
“However, to successfully onboard another 200–300 million individuals into the digital payments ecosystem, we require substantial backing from the RBI, the government, and the entire ecosystem,” the NPCI head highlighted during a session at the 19th India Digital Summit (IDS) held here, organized by the Internet and Mobile Association of India (IAMAI) in partnership with the IT Ministry and the Ministry of Information and Broadcasting.
"Digital payments have become an essential part of life. I firmly believe that we will not revert to cash," Asbe emphasized.
UPI has established itself as the foundational infrastructure utilized by all stakeholders, ranging from fintech startups in financial services to various other sectors.
"The evolution of UPI into this infrastructure layer over the past 8-10 years has been extraordinary. The unwavering support from the RBI and the government has been pivotal in fostering continuous innovation. This support has only intensified, promoting efforts to further scale UPI," Asbe noted.
Regarding the progress of RuPay, he mentioned that the RuPay card network is expanding swiftly and has the potential to become one of the largest in India.
"At present, RuPay commands approximately 16-17 percent of the credit card market share, and with increasing momentum, we aspire to establish it as an equal contender within the next few years," the NPCI chief pointed out.
On the subject of security, he acknowledged that while fraud and hacking can never be entirely eradicated, significant strides have been made.
The RBI has established a dedicated cybersecurity division, and organizations like NCIIPC and CERT-IN under MeitY are actively working to secure critical infrastructure.
"Nevertheless, ongoing investments in skills, tools, and processes are essential to address the escalating challenges," Asbe concluded.
