New Delhi, January 17, 2025: UPI from its base today can go to grow 10x, we are at the stage now that we must see a 10x growth. I can say that we are at the cusp of a revolution now. From this point forward, the network effects will continue to enhance the system. However, we need significant support from the RBI, the government, and the ecosystem to on-board another 200–300 million people into the digital payments fold. Digital payments are now integral to life—I don’t think we’re going back to cash,” said Mr. Dilip Asbe, MD & CEO, National Payments Corporation of India (NPCI), during a session at the 19th India Digital Summit (IDS) today.
The two-day IDS 2025 is being organized by the Internet and Mobile Association of India (IAMAI) in collaboration with the Ministry of Electronics and Information Technology (MeitY), and the Ministry of Information and Broadcasting, Government of India, and is supported by Digital India, Skill India and Make in India.
Elaborating on the phenomenal potential of UPI he said, “UPI has become the foundational infrastructure layer leveraged by all players, whether fintech startups in financial services or other industries. The journey of UPI transforming into this infrastructure layer over the last 8–10 years has been remarkable. The unwavering support from the RBI and the government has been crucial in driving continuous innovation. This support has only grown stronger, encouraging efforts to scale UPI further.”
Speaking on the growth of Rupay Mr. Asbe said, “The RuPay card network is growing rapidly and has the potential to become one of the largest in India. Currently, RuPay holds about 16-17% of the credit card market share, and with increasing momentum, we aim to make it an equal player within the next couple of years.”
“On the topic of security, while fraud and hacking can’t be entirely eliminated, much progress has been made. The RBI has a dedicated cyber security division, and institutions like NCIIPC and CERT-IN under MeitY are working to secure critical infrastructure. However, continued investments in skills, tools, and processes are mandatory to tackle the growing challenges,” he added.
IDS is being Powered by NPCI. Amazon.in and MPL are Platinum partners. Among Gold Partners are PhonePe; Australia Trade and Investment Commission; IDA Ireland; Paytm ads, Jagran New Media and Exotel. Route Mobile is the Cloud Communications Partner. Silver Partners include AWS, ShareChat, Shiprocket; Times Internet, and TV9 Network.