New Delhi, Jan 17 The unified payments interface (UPI) has the potential to grow 10 times and onboard 200-300 million more people into the digital payments fold soon, Dilip Asbe, MD and CEO, the National Payments Corporation of India (NPCI), said on Friday.
Stressing that India is at the cusp of a digital payments revolution, Asbe said that from this point forward, the network effects will continue to enhance the system.
“However, we need significant support from the RBI, the government, and the ecosystem to on-board another 200–300 million people into the digital payments fold,” the NPCI chief said during a session at the 19th India Digital Summit (IDS) here, organised by the Internet and Mobile Association of India (IAMAI) in collaboration with IT Ministry and the Ministry of Information and Broadcasting.
"Digital payments are now integral to life. I don’t think we’re going back to cash," Asbe added.
UPI has become the foundational infrastructure layer leveraged by all players, whether fintech startups in financial services or other industries.
"The journey of UPI transforming into this infrastructure layer over the last 8-10 years has been remarkable. The unwavering support from the RBI and the government has been crucial in driving continuous innovation. This support has only grown stronger, encouraging efforts to scale UPI further," said Asbe.
Speaking on the growth of Rupay, he said that the RuPay card network is growing rapidly and has the potential to become one of the largest in India.
"Currently, RuPay holds about 16-17 per cent of the credit card market share, and with increasing momentum, we aim to make it an equal player within the next couple of years," the NPCI chief noted.
On the topic of security, he said that while fraud and hacking can’t be entirely eliminated, much progress has been made.
The RBI has a dedicated cyber security division, and institutions like NCIIPC and CERT-IN under MeitY are working to secure critical infrastructure.
"However, continued investments in skills, tools, and processes are mandatory to tackle the growing challenges," said Asbe.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor