UPI expects to achieve 1 billion transactions per day by 2025, said NPCI Director Dilip Asbe
I don’t think UPI has reached its potential. For a country like India, we should be doing what we are doing ten times over,” said Asbe.
Founder and CEO Harshil Mathur (right) at the India Fintech Conclave. Daily transactions on the Unified Payments Interface (UPI) platform could reach 1 billion in the next three years as UPI reaches its full potential, Dilip Asbe, managing director and chairman of the National Payment Corporation of India ( NPCI) said, having confidence in India. payment system, considered one of the best in the world.
“I don’t think UPI has reached its potential. For a country like India, we should be doing what we are doing ten times over,” Asbe said during a panel discussion at Moneycontrol’s first Indian Fintech (IFC) Conclave.
“Indeed, if we all follow the same path… I think that in two to three years, we will reach 1 billion transactions. By 2025, we will be able to achieve this,” he added. Asbe’s comments come at a time when UPI’s daily transactions have reached an all-time high. Last week, Reserve Bank of India (RBI) Governor Shaktikanta Das told reporters at the launch of Digital Payments Awareness Week that in the past 12 months, daily transactions exceeded 36 crores, an increase of 50% from February 2022 in terms of volume. while UPI transactions increased by 17% from February last year to Rs 6.27 lakh crore in terms of profit. Agreeing with Asbe, Salt App co-founder Shinjini Kumar praised the growth of UPI and said that it is unique compared to many payment systems worldwide. “The magic of UPI in remote situations is very useful,” he said. In a conversation with Chandra R Srikanth of Moneycontrol and IFC, Kumar, Asbe and Harshil Mathur, co-founder and CEO of Razorpay, highlighted the importance of constant innovation in the payments space. “The next area of growth will be to identify some specific traditional payment methods and make them innovative. Find the total market that hasn’t seen innovation in payments and close that gap,” said Mathur. He added, “We are always starting to innovate by watching what NPCI is always doing.” Asbe also talked about the need and importance of keeping UPI bill free. ) or the amount a customer pays to use a credit or debit card of a lender to accept payments from their customers. For years, payments fintech companies like PhonePe have promoted payments for UPI transactions, which will help them monetize their offerings.
“The payment system can’t be a great profit tool,” Asbe said.
“If you’re going to get 10x growth, a lot of money is required from the company… Government incentives helped us survive zero-MDR in some ways, but the government can change that,” he added.
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