The unified payments interface (UPI) has the potential to grow 10 times and onboard 200-300 million more people into the digital payments fold soon, says Dilip Asbe, MD and CEO, the National Payments Corporation of India (NPCI).

Stressing that India is at the cusp of a digital payments revolution; Dilip says that from this point forward, the network effects will continue to enhance the system.

“However, we need significant support from the RBI, the government, and the ecosystem to on-board another 200–300 million people into the digital payments fold,” says NPCI chief said during a session at the 19th India Digital Summit (IDS) here, organized by the Internet and Mobile Association of India (IAMAI) in collaboration with IT Ministry and the Ministry of Information and Broadcasting.

“Digital payments are now integral to life. I don’t think we’re going back to cash,” Dilip adds.

UPI has become the foundational infrastructure layer leveraged by all players, whether fintech startups in financial services or other industries. The journey of UPI transforming into this infrastructure layer over the last 8-10 years has been remarkable. The unwavering support from the RBI and the government has been crucial in driving continuous innovation.

This backing has only increased, supporting initiatives to expand UPI. Speaking about Rupay's expansion, he stated that the RuPay card network is expanding quickly and could soon rank among the biggest in India. RuPay now controls 16–17 percent of the credit card market, but with growing momentum, we hope to level the playing field in the next years.

Regarding security, Dilip claims that although hacking and fraud cannot be completely eradicated, significant advancements have been made. Critical infrastructure is being secured by organizations like NCIIPC and CERT-IN under MeitY, as well as by the RBI's dedicated cyber security division.

“However, continued investments in skills, tools, and processes are mandatory to tackle the growing challenges,” adds Dilip.