UPI has potential to reach billions of transactions every day by 2030: NPCI CEO Dilip Asbe
Unified Payments Interface (UPI) has the potential to scale almost ten times and reach a couple of billion transactions a day by 2030, National Payments Corporation of India (NPCI) chief executive officer Dilip Asbe said on Tuesday.
Asbe’s comments come as UPI transactions in the country hit the 10-billion mark in August.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Applied Business AnalyticsVisit“Today UPI is used by 350 million people. Our objective is that every Indian uses UPI. So, we have a three-fold (3x) opportunity on the user side and a three-fold (3x) opportunity on the merchant side. So, if you combine this, we have a ten-fold (10x) opportunity from where we stand,” said Asbe, speaking at the Global Fintech Festival 2023 in Mumbai. He was in conversation with PeakXV managing director, Rajan Anandan.
A ten-fold growth from current volumes could push transactions to as high as 100 billion per month. As of now, NPCI can support a billion transactions per day, or around 30 billion transactions per month.
Asbe also highlighted that NPCI is likely to have payment infrastructure in 50% of the top 30 markets for cross-border transactions, as it provides its payment stack. UPI is currently going live in countries such as Bhutan, Sri Lanka, France and Singapore.
NPCI is actively engaged in providing the necessary infrastructure to enable cross-border transactions, presenting a substantial opportunity for Indian fintech companies seeking global expansion, he said.
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