Mumbai, Sept 6 (KNN) India has the potential to do 100 billion Unified Payments Interface (UPI) transactions a month, Dilip Asbe, chief executive officer and managing director of National Payments Corporation of India said on Tuesday.

Speaking at the Global Fintech Fest in Mumbai, Asbe said that there are 350 million UPI users at present and pegged the growth opportunity in merchants and users at 3 times more.

He declined to specify a date by which NPCI aims to reach there, but said that by 2030, India will witness 2 billion transactions a day.

At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions.

Asbe also said that credit card usage can witness a ten-time growth if the industry shifts to the emerging trend of sachetisation, but was quick to add that it is possible only if banks provide the right platforms.

“At present, the cost of acquisition and underwriting in credit cards are too high, which poses a challenge to the inclusion agenda, but digital and technological services can help decrease it,” he said.

On the internationalisation of the UPI, he said such efforts take regulatory help and by 2030, NPCI is aiming to have the right tie-ups to enable seamless payments between India and half of the top-30 markets.

As per reports, NPCI is in talks with Singaporean authorities to increase the single transaction limit to over SGD 5,000 from the present SGD 1,000.

It is also aiming to evolve as a contributor to open source technology as part of a new avatar, from being a consumer of such technologies.  (KNN Bureau)