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Whatever is not written in regulation, means a ‘No’: NPCI chief Dilip Asbe

Economic TimesEconomic Times · 1y ago
Whatever is not written in regulation, means a ‘No’: NPCI chief Dilip Asbe
Medial

National Payments Corporation of India (NPCI) chief Dilip Asbe highlighted the importance of compliance in the fintech industry, stating that founders cannot build a sustainable business without adhering to regulations. He emphasized that there are no grey areas in the Indian fintech landscape. Asbe's comments come in the wake of regulatory actions taken against Paytm Payments Bank by the Reserve Bank of India. Asbe also discussed the growth potential in digital payments, including the conversion of cash to Central Bank Digital Currency, recurring payments, and international payments. Additionally, he mentioned the role of artificial intelligence in data generation and its use in fraud prevention and personalization within the payment sector.

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Govt And RBI’s Support To Fuel Fintech Companies Global Growth: NPCI Chief Dilip Asbe

Inc42Inc42 · 1y ago
Govt And RBI’s Support To Fuel Fintech Companies Global Growth: NPCI Chief Dilip Asbe
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.

UPI transactions near 17 Bn in January

EntrackrEntrackr · 5m ago
UPI transactions near 17 Bn in January
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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