NPCI chief said investment is needed for UPI to reach three billion transactions a day
By MYBRANDBOOK
Unified Payments Interface (UPI), which is expected to touch a 10X growth of three billion transactions a day, needs more investments both on the customer and the merchant side, National Payments Corporation of India (NPCI) CEO Dilip Asbe said. According to him, to sustain and feed the massive growth of transactions in UPI, there are 600 million eligible customers and close to 100 million merchants outside the digital payments ecosystem who need to come in.
“Growing to 10X or 3 billion translations per day is the true potential of India and to reach there we need money and we need investments both on the customer and merchant side,” Asbe said while addressing a session at Rising India Summit on Wednesday.
“In the next two-three years we are hoping to touch a billion transactions a day and as of today we are at around 30 crore transactions a day operated by Indians…There are 600 million eligible customers who are outside the digital payments ecosystem. And there are 100 million merchants outside the digital payment ecosystem who need to come in and I think we will need money,” he added.
“There is a dialogue within the ecosystem with the government and the stakeholders that how do we grow UPI to 10X and how do we ensure that onboarding of a large number of customers and merchants is smooth with the right investment,” he further said.
NPCI on Wednesday has recommended an interchange fee on Unified Payments Interface (UPI) transactions made through Prepaid Payment Instruments (PPI Wallets).
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