In Brief: NPCI chief says UPI transactions could hit billion a day

Daily transactions over the Unified Payments Interface (UPI) could touch a billion over the next two to three years as India sees more use cases of the technology, chief executive of the National Payments Corp of India, Dilip Asbe, said. 

Speaking at a panel discussion at the Bengaluru Tech Summit 2020, Asbe added that there is still room for growth for UPIs, despite crossing the 2 billion transaction mark in October. He said that UPIs have witnessed a ten fold growth in India and are expected to grow at a similar speed owing to upcoming use cases such as retail investing for initial public offerings through UPI, Mint has reported. 

The NPCI chief also hinted that credit infrastructure could be democratized just as UPI did for payments in India. However, such a move would be subject to the Reserve bank of India guidelines.