Dilip Asbe, chief of the National Payments Corporation of India (NPCI), revealed at the MoneyControl Start-Up Conclave that Unified Payments Interface (UPI) has only penetrated 10% of its potential market. With room to grow tenfold, Asbe predicts UPI’s daily transaction volume could reach 1 billion within three years.
UPI growth story: As of June, UPI registered a transaction volume of 9.33 billion, with the total value reaching ₹14.75 lakh crore. Asbe emphasized that India should pioneer rapid, 15-second cross-border payment transfers.
UPI’s global expansion continues with recent launches in Singapore and France, and forthcoming entries into North America and the Middle East. Furthermore, NPCI International signed a Memorandum of Understanding (MoU) with Lyra Networks, enabling UPI transactions in France for Indian students, tourists, and NRIs.
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Digital Public Infrastructure: Federal Bank Executive Director, Shalini Warrier, highlighted the crucial role of digital public infrastructures (DPI) in finance, citing an innovative cattle loan scheme in Gujarat. Warrier also noted the indispensability of systems like Aadhaar and UPI in modern banking.
Experts discussed the potential impact of UPI on account aggregators and how this sequence of digital innovations is creating a beneficial cycle. Pramod Varma, Aadhaar architect, and T Koshy from Open Network for Digital Commerce, both emphasized the potential of DPI and the importance of its evolution.
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