Dilip Asbe, the CEO of the National Payments Corporation of India (NPCI), has set ambitious targets for the United Payment Interface (UPI) payments ecosystem. He aims for 2 billion transactions per day by 2030, along with a tenfold increase in customers accessing credit. Additionally, plans are underway to establish cross-border processes with half of the world’s top 30 countries. Asbe also predicts the emergence of asset tokenization.
Speaking at the Global Fintech Festival, Asbe stated, “I think 10x growth on the users on the credit side, and it is not very ambitious.” He highlighted that some lenders, including HDFC Bank and ICICI Bank, have already initiated fully digital customer journeys, with others expected to follow suit. This move towards sachetization of credit and a fully digital journey could lead to significantly larger transaction volumes.
Furthermore, Asbe emphasized that costs would substantially decrease, both in terms of customer acquisition and transaction costs. Currently, underwriting costs, especially in credit card usage, are high, limiting volume scalability. He believes that underwriting costs will become minimal in the future.
NPCI envisions a scenario where customers can access real-time credit, such as at a showroom, without requiring prior approval. The expansion of UPI technology to feature phones and the identification of more use cases are expected to drive UPI transaction volumes from the current 10 billion transactions per month to 100 billion transactions per month in the near future.
Regarding cross-border UPI transactions, He noted that NPCI is in the process of initiating transactions with countries such as Singapore, the UAE, Nepal, and Bhutan. Efforts are also being made to increase transaction limits, for example, raising the limit from $1000 to $10,000 in the case of Singapore.
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