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Government, RBI, Fin Ecosystem Support Must to Onboard 200-300 m to UPI: NPCI
- The Economic Times |
- Economics (Macroeconomics) |
- 2025-01-18
- Digital Payment
- UPI Growth
CEO of NPCI, emphasized at the India Digital Summit 2025 the need for significant support to expand UPI's user base by 200-300 million.
UPI Expansion and Future Prospects
To bring an additional 200-300 million users onto the Unified Payments Interface (UPI) platform, substantial support is required from the Reserve Bank of India (RBI), government, and the financial ecosystem.
Current State of UPI
- Approximately 450 million users are engaged with the UPI, with 200 million being daily active users.
- The UPI currently handles nearly 17 billion transactions.
Potential for Growth
- The UPI platform has the potential to grow by 10 times its current base.
- NPCI has extended the compliance deadline for UPI providers regarding the 30% market share cap until December 31, 2026.
Factors Influencing UPI Growth
- Growth is driven by the ecosystem's diversity and the entry of new fintech players.
- Cybersecurity is emphasized as a crucial area, with a directive for fintech startups to prioritize it.
RuPay Credit Cards
- RuPay is highlighted as one of the largest domestic card networks with international acceptance.
- Currently, RuPay accounts for about 16-17% of the total credit spending in India.