tech
India's payments chief says AI will drive UPI from 750 million to a billion daily transactions
NPCI CEO says AI will drive UPI to a billion daily transactions via fraud detection, credit, and voice onboarding. PhonePe and Google Pay hold 80%+ share.
TL;DR
- Unified Payment Interface (UPI) transactions in India have surpassed 750 million daily.
- AI is seen as essential for reaching one billion daily transactions.
- AI applications include fraud prevention, credit distribution, and multilingual voice onboarding.
- NPCI is exploring AI to create localized small language models for specific use cases.
- A regulatory cap limiting single apps to 30% market share is set for December 31, 2026.
- PhonePe and Google Pay currently hold over 80% of the UPI transaction share.
- Lack of viable commercial models hinders new entrants in the UPI market.
- NPCI's own app, BHIM, aims to be a sovereign and secure alternative in India's growing digital economy.