NPCI TARGETS 300 Million New Users for UPI Payments Platform
India Plans to Bringing Hundreds of Millions of New Users OnTo Unified Payments Interface, its real-time payments system, while pitching the platform for wider adoption overseas. National Payments Corporation of India AIMS to Draw An additional 200 million to 300 million Indians to UPI to “Break their cash memory” through initiatives incidence deleted Accounts for Children and Househol Lack access to traditional bank accounts, said dilip asbe, its managing director and Chief Executive.The Home-Grown Payments Platform Has in the Past Five Years Past Five Years Trainsformed How more than 450 MILLIN RETAL Consures pay for everything from holidays to a cup of tea using their smartphones. Users can scan merchant qur codes to make payments ranging from small amounts to up to 500,000 Rupees ($ 5,817) from their bank accounts – Thus far with paying train. Such is the popularity of UPI that India Today Accounts for Nearly 46 Percent of the World’s Digital Transactions, after A 90-Fold Increase in Retail Payments in the PAST 12 years, ACORORING to ACORORING THE PWC Report. Stakeholders Including Prime Minister Narendra Narendra Modi’s Government, NPCI and India’s Central Bank are looking to Capitalise on that success by touting the platform overseas. “The idea is to make remittans very affordable and real-time to all the diasprra,” Asbe said.global expansionnpci’s’s domestic focus, as well as the delegated Accounts, IS ALSON UPI’s multilingual and conversational chat features to widen access, asbe said. The outfit is Piloting Vision Recognition Technology to Encourage Higher UPI Usage in Parking Payments, He Added.furtharmore, It’s also looking at ways to expert offering for retail customers. UPI Alady Offers Small-Tickt Loans, but asbe believes its Architecture Cold Help Lenders to Make Credit Approval Decisions based on Customer Repayment Behavior, with ALSO ISPOVING Colleges. Abroad, the Indian government has roped in its Embassies to help pitch upi, according to asbe, what rbi has reacted out to several countries to push the platform. The Country’s DiasPora Transferred A Record $ 129 Billion (roughly Rs. 11,06,835 Crore) Back to India in 2024, The Highest Sum Ever Recorded By Any Country in a Single Year, Acorporting to A World Bank report.asbe said that besides remittans, upi could also help with money flowing in the other direction, for example to help indians pay for oversas education.The indion govert Some nations boasting a large Indian presence, such as singapore and the united arab emirates, but is what to make headway with western nations like the UK, Us and Australia. “It might take time because other countries are at a different stage of real-time payments system stabilisation,” Asbe Added. Transaction FeesDesPite The Rapid Rise in UPI Transactions, A Potential Challenge Looms in the Question of WHETHER users should be charged a fee for digital payments. At the heart of the debate is the merchant discount rate (MDR) – a fee collected by banks from merchants at the point of sale for processing transactions.upi payments.upi payments. Points, but the government waived the fee in 2020 to accelerate the platform’s adoption. To compensate merchants, incentives were rolled out to cover operational costs, but there plummeted from 36 billion rupees in 2024 to 15 billing rupees the following year. Industry Bodies have pushed to reinstate the transaction fee. Such a Move Blad Pump The Brakes on UPI’s Growth. A Recent Localcircles Survey of 32,000 Respondents Reveled that 73 Percent of UPI users would stop using the service if a transactions if a transaction fee is imposed. The UPI ecosystem is working with the government and rbi to make the platform viable © 2025 bloomberg lp (this story has not been edited by ndtv staff and is auto-generated from a syndicated feed.) UPI (T) India (T) NPCI