One billion UPI transactions per day is the near-term goal: NPCI Chief
During a panel discussion at the Rising India summit, Dilip Asbe, MD & CEO of NPCI (National Payments Corporation of India), said India's digital payment stack is also being used in cross-border pipes with over 15 countries.
During a panel discussion at the Rising India summit, Dilip Asbe, MD & CEO of NPCI (National Payments Corporation of India), said that the near-term goal is to get a billion transactions via UPI, from the current 30 million transactions per day, with the true potential of India being three billion UPI transactions per day. India's payment stack is also being used in cross-border pipes with over 15 countries.
Talking about the new rules on UPI transactions, he said, "One thing is very clear — the customer never pays for any payment transaction whether it is peer to peer or peer to merchant. Always merchant as a user of the payment system pays the nominal reasonable charges for the payment system."
He also added that UPI using the bank account is already free with the government notification. "With the RBI guidelines, the wallets are now interoperable. While wallets were already operating on the cards, they were not permitted in UPI. So to permit the wallets in UPI, the interchange was permitted. Here also only the merchant pays, the consumer does not pay anything."
Indian Telecom Secretary K. Rajaraman
said the government's mission is to enable every citizen to access broadband and laid out the tough task of laying fibre optic cables across India. The country has already wired 1.9 lakh gram panchayats with optic fibre and commenced monetising the network already laid. Additionally, the government has decided to use BSNL to maintain the cable network and monetise only the last mile. The market access and investment in R&D will shift India from a consumer to an innovator of tech.
In addition to building domestic champions, he added that India is also working on creating an ecosystem to support semiconductor manufacturing and design. To do so, it will need to build the skill set and supply chains to support semiconductor manufacturing. In the last five months, 5,000 youngsters have been enrolled on BharatNet to explain digital systems to villagers, and the social sector also has the potential for lots of use-cases for 5G, such as citizen safety, convenience, and comfort. The telecom secretary expects to see a lot of 5G use cases being rolled out by the end of the year.
B.V.R. Subrahmanyam, CEO of NITI Aayog, believes that the digital public infra concept is gaining importance and sees a bright future for India's digital stack and changing digital landscape. The data protection law is in its final stages and should be introduced in the monsoon session, with a forward-leaning data protection law that has taken feedback from stakeholders. India's UPI model could soon become the basic model around the world and be the basis of other countries' payment platforms.
(Edited by : Shoma Bhattacharjee)
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