Dilip AsbeManaging Director and CEO of National Payments Corporation of India (NPCI), Seeking Significant support from India’s Central Bank (RBI), the government and the financial ecosystem to find ways to bring an additional 200-300 million people to Unified Payments Interface (UPI) platform.
The government -supported NPCI, responsible for running the country’s Digital payment revolutionHas increased UPI use in the country, while NPCI International Payments Ltd (NPL), the international branch of NPCI, has collaborated with international partners to increase further access. The initiatives come at a time when Upi is already Most popular Digital payment method, likely to reach a saturation point. Although saturation does not mean the end of UPI’s expansion, especially in the international markets; UPI and similar payment methods may not necessarily be the most preferred options for buying valuable items such as cars and lasting goods.
“We need significant support from the RBI, the government and the ecosystem to include another 200-300 million people in the digital payment week. Digital payments are now an integral part of life – I do not think we are going back to cash.” said asbeand adds that UPI can grow 10 times from its current base.
“We see about 450 million users who use UPI, with about 200 million daily active users. I think we are at the limit of the revolution now because, from here, the network effects will be added to the system,” says ASBE. stated.
“UPI, from its current base, has the potential to grow 10x. We are at a stage now where we have to aim for a 10x growth. I do not know if it will take 10 years or less, but 10x growth is possible,” added Asbe.
UPI’s expansion is also part of India’s exponential growth of the number of Internet users. According to a report from Iamai and KantarIndia is expected to surpass 900 million Internet users in 2025, of which the majority come from rural areas. Although growth has subsided, rural regions are now 55 % of Internet users. Over-the-Top (OTT) streaming apps lead as the most popular activity, with Digital trade And payments that also see remarkable participation from rural users.
According to Ministry of FinanceIndia has seen an unmatched increase in digital transactions, which marks a significant milestone in its journey towards becoming a cashless society. At the forefront of India’s digital payment revolution, UPI is a record hit of 16.73 billion transactions in December 2024.
“Unified Payments Interface (UPI) is a system that operates multiple bank accounts into a single mobile application (of any participating bank), which merges several bank functions, seamless fund conducting and buyers’ payments into a unit. It has not only made financial transactions quick , safe and simple, but also authorized individuals, small businesses and merchants, which has driven the country’s transition to a cashless economy, says the Ministry of Finance in a press release. statement.
In 2024, UPI dealt with approximately 172 billion transactions, which is an increase of 46 % from 117.64 billion in 2023. This increase emphasizes a broader cultural change to financial inclusion, where UPI is a central pillar.
International cooperation
NPCI International Payments Limited (NPL), the international branch of NPCI, has cooperated with MagnatiA supplier of payment solutions in the Middle East, in order to present QR-based UPI dealers payments with Magnatis cashier terminals (POS) in the United Arab Emirates.
The collaboration aims to expand the QR-based payment network for traders in the West Asian country by enabling more traders to provide UPI as a payment method to Indian travelers. The partnership will initially offer UPI acceptance over Dubai Duty Free zones and is expected to improve the shopping and payment experience for Indian tourists. Future plans include expansion of important trade categories such as retail, hospitality, transport and supermarkets.
India’s flagship UPIan example of effective Digital public infrastructure (DPI), is recognized as one of the world’s most successful real -time payment systems.
“Collaboration with Magnati is a strategic step towards expanding UPI acceptance in the United Arab Emirates. This collaboration is in line with our vision to provide Indians with a global network for digital payment acceptance and improve their payment experience abroad. In addition, it paves the way for broader financial and Cultural relations Between India and the United Arab Emirates, says Ritesh Shukla, CEO of NPCI International.
The partnership will offer seamless payment Alternative to over 12 million Indians traveling to Dubai and the United Arab Emirates every year. It integrates an Indian solution into the global digital payment network, which allows UAE retailers to better serve the growing Indian consumer base. By extending UPI acceptance in key markets such as the United Arab Emirates, NPCI International wants to highlight India’s global leadership in digital payment innovation. This trait is also expected to set a new benchmark for cross -border payment Interoperability and strengthen economic and cultural ties between India and the rest of the world.
India is looking to extend upi Using all over the world so that all Indians with a UPI account can make a payment with UPI. So far UPI has expanded to PeruThe Mauritius, Sri LankaThe SingaporeThe FranceThe Bhutan and Nepal.
In 2025, UPI can expand to another four to six countries.
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