Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
India's Unified Payments Interface (UPI) could reach 100 billion transactions within the next 10-15 years, driven primarily by credit expansion, according to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI).
Speaking at the Global Fintech Fest, Asbe said that this target is realistic and that credit will be the key factor fueling this growth. He mentioned the recent launch of credit on UPI, with commercial details expected soon, emphasizing that small-ticket, high-frequency credit will play a crucial role in achieving this milestone.
Asbe also highlighted the importance of fintech in promoting UPI usage, particularly through recurring payments and EMI QR codes, which currently involve cumbersome processes. In June, UPI processed 13.89 billion transactions, slightly down from 14.04 billion in May.
Amrish Rau, CEO of Pine Labs, added that the growth of credit on UPI will depend on three factors: the speed of credit delivery, the cost of credit, and trust in the system. He pointed out that while the journey has begun, Indian consumers have yet to fully embrace credit for personal and economic development.
Chat on WhatsApp
Request a call back
