Digital payments are driving fintech growth in India, supported by accessibility and population trends. “While cash and digital payments are growing, focus on acceptance and revenue mechanisms is crucial. UPI has seen growth with the installation of over 26 crore QR codes in kirana stores. Over 96 crore debit cards are in circulation, with 4.5 million terminals supporting 25 crore SMEs. We feel, the government’s support through information, innovation, and taxation (IIT) has been crucial for the growth,” said Vishwas Patel, Chairman, Payments Council of India, at the 15th Digital Money Conference with the theme being “From Innovation to Synergies.”
Noopur Chaturvedi, CEO, NPCI Bharat Billpay, praised the regulators for their support. “I am confident that we will continue to accelerate our growth over the next five years, with ecosystem partners possibly needing to invest in the platform. The regulators have provided exceptional support, with the RBI Governor’s announcement expanding the scope of BBPS beyond directory bill payments. We have exciting plans in the pipeline for this area, and the same settlement concept is also suitable for ONDC,” she pointed out.
Naveen Surya, Chairman, Fintech Convergence Council (FCC), shared his perspective about the theory and reality of Central Bank Digital Currencies (CBDC) implementation. He highlighted the critical role of collaboration between various stakeholders, including the government, the private sector, and consumers, in successfully implementing CBDCs. “The way we talk about innovation and what has happened with UPI, if we look at the next innovation from our country, it will be CBDC in the next five to seven years. The way India is a leader in fast payments, it won’t be too long that India leaves behind China as well in CBDC,” he said.