ENA Sectors 2023-09-06 17:15:24 <p><span style="font-size:14px"><strong>Mumbai, Sept 6 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">At present, global giant Visa processes 22.5 billion transactions a month, while its rival MasterCard does over 11 billion transactions.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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. <em><strong>(KNN Bureau)</strong></em></span></p> 34704 https://knnindia.co.in/news/newsdetails/sectors/india-could-see-100-billion-upi-transactions-per-month-says-npci 2023-09-06 17:15:24 knnindia.co.in