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UPI wouldn’t be possible if NPCI were not in Mumbai, says Dilip Asbe
Economic Times
·
1y ago
Medial
Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI), stated that the creation of the United Payments Interface (UPI) would not have been possible without the association's location in Mumbai. He highlighted the importance of physical interaction with regulators and banks in the UPI design process. Asbe also acknowledged the role of the Reserve Bank of India (RBI) in providing guidance and creating responsible regulations for UPI. The article also mentions the significant talent pool in Mumbai's fintech ecosystem. UPI transactions reached a milestone of over 100 billion in 2023, according to NPCI data.
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Related News
Programmable, offline CBDC to drive next fintech wave, says NPCI MD
Economic Times
·
1y ago
Medial
The Reserve Bank of India's push for programmability and offline functionality in its central bank digital currency (CBDC) will drive the next wave in fintech, according to Dilip Asbe, MD of the National Payments Corporation of India (NPCI). The RBI's recent monetary policy meeting introduced the concept of programmable money and offline functionality in CBDCs, with potential benefits for government agencies and businesses alike. Asbe also highlighted the importance of Mumbai in the development of the Unified Payments Interface (UPI), which has seen over 100 billion transactions in 2023.
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India has potential to clock 100 billion UPI transactions a month: NPCI CEO Dilip Asbe
Economic Times
·
1y ago
Medial
India has the potential to achieve 100 billion monthly transactions through the Unified Payments Interface (UPI), according to Dilip Asbe, CEO and Managing Director of the National Payments Corporation of India (NPCI). As of August 2023, UPI had reached 10 billion transactions per month. With 350 million UPI users at present, Asbe estimates a three-fold growth opportunity in both merchants and users. He mentioned the possibility of 10x growth in credit card usage if the industry adopts sachetisation. NPCI aims to facilitate seamless international payments between India and half of the world's top 30 markets by 2030.
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Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI
Inc42
·
12m ago
Medial
The credit lines on UPI account for a significant portion of credit card spends every month, according to NPCI MD & CEO Dilip Asbe. This raises concerns over delinquency levels for small loans below INR 50,000. The objective of Central Bank Digital Currency (CBDC) is not to compete with UPI, as it offers additional features like programmability.
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60-70 percent of IPO applications coming through UPI, says NPCI CEO Dilip Asbe
Money Control
·
1y ago
Medial
According to Dilip Asbe, CEO of NPCI, up to 70% of IPO applications in India are being processed through the Unified Payments Interface (UPI), reflecting strong demand from retail investors. NPCI, which operates the UPI platform, is also holding discussions with over 50 countries to help them develop their own domestic digital payment systems. UPI, which currently handles over 11 billion transactions per month, is the world's largest instant mobile payments platform. The aim is to create interoperability between countries' payment systems, potentially challenging networks like SWIFT for international bank transfers.
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NPCI chief sets ambitious new target of 100 billion transactions per month
Economic Times
·
12m ago
Medial
Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), has set a new target for India's payment vision of achieving 100 billion transactions per month. This ambitious goal comes as India's digital payment ecosystem continues to expand. In August alone, transactions using the Unified Payments Interface (UPI) reached 2.5 billion, with UPI transaction values consistently surpassing Rs 20 lakh crore. Asbe also noted the significant growth in credit line transactions using UPI, reaching Rs 10,000 crore.
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NPCI CEO Dilip Asbe Sets Eyes on Adding Another 200-300 Million Users to UPI
OutlookIndia
·
6m ago
Medial
NPCI CEO Dilip Asbe aims to expand UPI usage in India by adding 200-300 million new users, leveraging support from the central bank and fintech companies. Despite India's early stage in digital payments, Asbe highlights opportunities to grow by engaging more merchants and customers. He advocates for enhanced user engagement through personalized, voice-based payments. Ensuring strong legal frameworks and collaboration with the government remains vital to curb fraud and sustain the growth trajectory.
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RuPay accounts for 16% of credit card spending, with half driven by UPI: NPCI's Dilip Asbe
Economic Times
·
5m ago
Medial
RuPay accounts for 16% of total credit card spending, with half of these transactions occurring via credit on the Unified Payments Interface (UPI), according to Dilip Asbe, CEO of the National Payments Corporation of India (NPCI). Despite RuPay's growth, Visa and Mastercard still dominate the Indian market. The Reserve Bank of India's approval for UPI's integration with RuPay credit cards has boosted its usage. NPCI plans further global expansion and a new R&D center to enhance its capabilities.
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Govt And RBI’s Support To Fuel Fintech Companies Global Growth: NPCI Chief Dilip Asbe
Inc42
·
1y ago
Medial
India's fintech companies are poised to expand globally with support from the government and the Reserve Bank of India (RBI), says Dilip Asbe, CEO of the National Payments Corporation of India (NPCI). Asbe stressed the importance of Indian fintechs leading the way in setting payment standards before exporting them. He also highlighted the need for investment in this area. Asbe cautioned fintechs about regulatory compliance, advising against developing products without explicit authorization. Currently, NPCI's Unified Payments Interface (UPI) is operational in countries like Sri Lanka, Mauritius, and the UAE, and a potential real-time payment link between the US and India is in the works.
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UPI transactions near 17 Bn in January
Entrackr
·
6m ago
Medial
UPI transactions near 17 Bn in January The Unified Payments Interface (UPI) recorded 16.99 billion transactions worth Rs 23.48 lakh crore in January, reflecting a 39% year-on-year growth in transaction volume and a 28% increase in transaction value. On a monthly basis, UPI saw a 1.55% growth in volume and nearly a 1% rise in value, compared to 16.73 billion transactions worth Rs 23.25 lakh crore in December. According to data released by the National Payments Corporation of India (NPCI), the average daily transaction count stood at 548 million. PhonePe currently leads the UPI market with a 47.7% share of transaction volume, followed by Google Pay at 36.7% and Paytm at 6.87%. This market share distribution is unlikely to change soon, as NPCI has extended the compliance timeline for Third-Party App Providers (TPAPs) exceeding the UPI volume cap. The new deadline has been extended by two years, until December 31, 2026. Meanwhile, NPCI has lifted the user onboarding limit for WhatsApp Pay, allowing the platform to offer UPI services to its entire user base across India. Recently, NPCI Chief Dilip Asbe disclosed that approximately 450 million users are currently utilizing UPI, with around 200 million daily active users. He emphasized the need for substantial support from the Reserve Bank of India (RBI), the government, and the broader financial ecosystem to explore strategies for onboarding an additional 200-300 million users onto the UPI platform.
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UPI daily transactions cross 500 Mn mark
Entrackr
·
12m ago
Medial
Unified payments interface (UPI) has crossed the milestone of processing 500 million transactions on a daily basis for a couple of times in August. This is a significant jump in daily volume as the Indian government has set the ambitious target of clocking 1 billion transactions per day by 2026-27. As per data published by the NPCI, UPI crossed 500 million transaction count on August 2 and August 5. However, this is the third instance when UPI achieved the milestone. The previous was on July 2, 2024, according to UPI data analyzed by Entrackr. To recall, UPI first crossed 500 million transactions on a monthly basis for the first time in November 2018 and it took less than six years to achieve the same feat on a daily basis. This also shows that the NPCI has developed a robust platform which can handle ever-growing scale. Currently, there are very few companies in India and overseas that are capable of processing over 50 crore transactions on a daily basis. “0.5 Bn/day. Time to revise the India Vision from 1 billion / day to 100 Bn/month,” said NPCI CEO Dilip Asbe on X. In July, UPI transactions rose 3.95% month-on-month to 14.44 billion from 13.89 billion in June. Volume wise, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share, respectively. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. The volume breakup for July is yet to be published. NPCI has also launched a credit line on UPI facility in which ICICI Bank is one of the leading banks with other five to six lenders. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. Besides India, NPCI has launched the instant payments services in foreign countries including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka and the UAE.
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