NPCI targets 300 mn new UPI users; may expand credit ambit

THE NATIONAL PAYMENTS Corporation of India aims to draw an additional 200 million to 300 million users to the Unified Payments Interface (UPI) to "break their cash memory" through initiatives including delegated accounts for children and household staff, who may lack access to traditional bank accounts, said Dilip Asbe, its managing director and chief executive.

- BLOOMBERG

Such is the popularity of UPI that India today accounts for nearly 46% of the world's digital transactions, after a 90-fold increase in retail digital payments in the past 12 years, according to a PwC report.

The government, NPCI and the Reserve Bank of India are now looking to capitalise on that success by touting the platform overseas. "The idea is to make remittances very affordable and real-time to all the diaspora," Asbe said.