UPI Expansion: NPCI Plans To Add 20–30 Crore Users Through RBI’s Global Push, Real-Time Remittances, And Multilingual Support

India intends to introduce hundreds of millions of new users to its real-time payments system, the Unified Payments Interface (UPI), while also promoting the platform for broader use internationally, Economic Times reported.

The National Payments Corporation of India (NPCI) has set a goal to attract an extra 20 to 30 crore Indians to UPI in an effort to "break their cash memory". This will be achieved through initiatives such as creating delegated accounts for children and household staff who might not have access to conventional bank accounts, according to NPCI Managing Director and Chief Executive, Dilip Asbe.

The rise in popularity of UPI has led to India accounting for almost 46 per cent of global digital transactions, following a 90-fold surge in retail digital payments over the last 12 years, as stated in a PwC report.

Now, key players such as Prime Minister Narendra Modi’s government, NPCI, and India’s central bank are aiming to leverage this success by promoting the platform internationally. “The idea is to make remittances very affordable and real-time to all the diaspora,” Asbe said.

Asbe stated that NPCI is not only concentrating on domestic matters and delegated accounts, but also on enhancing the multilingual and conversational chat features of UPI to broaden its accessibility.

Furthermore, he mentioned that the organisation is currently testing vision recognition technology to promote greater UPI usage, specifically in parking payments. Additionally, UPI is exploring methods to broaden its credit services for retail consumers.

While it currently provides small-scale loans, Asbe is confident that its framework could assist lenders in determining credit approval based on a customer's repayment habits, and simultaneously enhance collections.

“The credit-as-a-service model will also evolve and get some scale in the next three to five years,” Asbe was quoted as saying by Economic Times.

Internationally, the Indian government has engaged its embassies to promote UPI, as reported by Asbe, while the RBI has made contact with multiple countries to advocate for the platform.