1 bn transactions a day on UPI quite possible in 3-5 years' time: NPCI CEO
With UPI transactions setting record highs every month as digital payments adoption deepens in the country, it is quite reasonable to expect this flagship payments platform to process 1 billion transactions a day. While this milestone can be achieved in 10 years’ time without any effort whatsoever, the National Payments Corporation of India (NPCI), the umbrella organisation of digital payments in the country is aiming to achieve the 1 billion transactions per day milestone on UPI in the next 3 – 5 years, said Dilip Asbe, MD&CEO, NPCI.
“If we don’t do anything, we will achieve this target in the next ten years. But we should aim to do it in the next 3 – 5 years’ time and this is where the whole ecosystem has to rally behind it. It is just 5-6x growth than what it is today”, Asbe said in a fireside chat with Amirsh Rau, CEO, Pine Labs, at the India Digital Summit.
"The digital payment potential of a country is related to its population and that way we are blessed with a large population and 1 billion transactions a day is clearly possible in 3 – 5 years’ time," he said.
To achieve this milestone in the next 3-5 years, Asbe said, it is imperative that we follow the three “zero” approaches – zero touch (contactless), zero time (it has to be faster than cash), and zero cost to the customer. If these three “zero” come along then 1 billion transactions a day will happen in the next 3 – 5 years’ time, he said.
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