NPCI’s Dilip Asbe believes India’s payments system could reach 1 billion transactions in the next three years. He said this during Moneycontrol’s inaugural India Fintech Conclave (IFC).
Dilip Asbe, managing director and chief executive officer of National Payments Corporation of India (NPCI), exuded confidence in India’s payments system, which is considered to be one of the best in the world. He stated that daily transactions on the unified payments interface (UPI) platform could touch 1 billion in the next three years as UPI hits its full potential. UPI is expected to hit its full potential in the next three years.
I do not believe that UPI has reached its full potential as of yet. Asbe stated at a panel discussion at Moneycontrol’s inaugural India Fintech Conclave (IFC) that we ought to be doing ten times as much as we are right now for a country like India.
He said, “If we all keep working as hard as we have been, I believe that within the next two to three years, we will reach one billion transactions. This is a realistic projection. We should be able to do that by the year 2025.”
These remarks were made by Asbe at a time when the number of daily UPI transactions reached an all-time high. Earlier this week, Reserve Bank of India (RBI) Governor Shaktikanta Das told reporters at the launch of the Digital Payments Awareness Week that in the past 12 months, daily transactions crossed 36 crore, representing a 50 percent increase from February 2022 in terms of volume, while the value of UPI transactions increased by 17 percent over February of the previous year to Rs 6.27 lakh crore. The Digital Payments Awareness Week was held to raise awareness about the benefits of using digital payment methods.
