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Indian payments chief thinks AI will be heavily involved in next era of digital payment growth

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India’s digital payment share has increased over the years, with the Unified Payment Interface (UPI) growing to over 750 million daily transactions. With an aim to reach over a billion daily transactions, Dilip Asbe, MD and CEO of the National Payments Corporation of India, which oversees UPI, thinks AI would be heavily involved in the next phase for user growth, fraud prevention, and credit distribution.

During an interview with TechCrunch at Mumbai Tech Week (MTW) 2026 last month, Asbe said AI could drive the next half a billion users with NPCI, India’s central bank, and the government working together.

“AI will be used very effectively when we look at the next wave of UPI, and that includes all aspects, including reaching new users. We must use AI effectively to protect our current citizens, to find fraud, and to find mules. AI must also be used to provide credit to all the users and merchants who have digital footprints,” he said. “We must use AI to look at the voice and multilingual solutions to make onboarding simpler.”

Many companies have talked about voice as an interface being important in India for chatting with companies or systems. Asbe believes that it is early days for that, as voice models will need to be more accurate. NPCI launched a voice assistant-based interactive system in 2023. Asbe noted that adoption for that yet to take off, and with the right use case, voice can become a critical component in the payment ecosystem.

AI in finance and regulations

In the U.S., startups and public companies are racing to add AI to finance. Coinbase and Robinhood now allow agents to trade on users’ behalf, and OpenAI lets you load personal account data into ChatGPT to get financial advice. NPCI has shown some demos around agentic commerce and payments with Razorpay last year. However, there hasn’t been a wider rollout of some of these capabilities.

NPCI’s CEO thinks that with robust regulations and a framework, India can also adopt AI-powered finance. He said that there should be enough protection for users and mitigation for risk — and in case something goes wrong, the system should be able to look at the instructions and consent given by the user to an agent.

Besides the usage of models, Asbe thinks that the Indian finance ecosystem has an opportunity to build small language models.

“We believe that the models will differentiate from each other based on the data sets that are made available to them,” he said. “We have a very rich data set in our ecosystem. I think there is a big opportunity for Indian companies — the banks, FinTechs, and the ecosystem — to create small language models which are sharp, specific, and as deterministic as possible.”

Last year, NPCI launched a model called FIMI to solve user disputes. Asbe noted that it is serving over a million users to cancel mandates and resolve issues, and is scaling fast.

UPI competition

NPCI has long sought healthy competition between UPI apps, but data suggests that Walmart-owned PhonePe and Google Pay have over 80% of the market share. The regulator’s plan to cap an app’s market share at 30% is set to take effect on December 31, 2026, unless it defers the deadline date again.

During the conversation, Asbe said that UPI apps have very low switching costs and most core features are shared. He noted that PhonePe and Google have poured millions into their apps to attain their market position. He said that if new apps find viable business models within the fintech ecosystem, their share will rise.

“I believe that there are multiple issues why we see this concentration risk exist, and one of the important reasons is the availability of a viable commercial model. The moment we see the commercial model being available to the ecosystem, I believe newer players will start investing very heavily,” Asbe said.

In 2024, the payment body spun off its BHIM UPI app to make it more competitive and grow its usage. While its transaction volume has grown, its overall market share is around 1%. Asbe said that with BHIM, there is no particular target market share NPCI is eyeing. But it wants to make it a sovereign and secure alternative to other apps, Asbe said.

India is one of the biggest digital economies, and investors around the world will be looking at the regulatory landscape to put money into newer fintech solutions and make the market more competitive.

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Presidency defends Remi Tinubu’s “akara business” comment, says first lady urging Nigerians to get entrepreneurial skill

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Sunday Dare, spokesperson for President Bola Tinubu on media and communications, has defended First Lady Remi Tinubu over her comment encouraging Nigerians, especially women, to start roasted corn, akara, kuli-kuli and other small-scale businesses.

After hosting the wives of the 36 governors in Abuja last week, Mrs Tinubu highlighted the financial interventions provided through her office to vulnerable Nigerians in line with the Mr Tinubu’s Renewed Hope Agenda.

Her comment had generated widespread reactions from Nigerians who accused Mrs Tinubu of being insensitive to the plight of Nigerians.

Mr Dare, in an interview on Mic on Podcast hosted by Seun Okinbaloye on Saturday, however, said Mrs Tinubu did not miss any point, insisting she was advising Nigerians to get some level of entrepreneurial skills.

“She didn’t miss her point. Her point is that whatever it is, try and do something. Have some level of entrepreneurial skills. 

“When you look at the informal sector whose resilience continues to lift this economy; it’s because of these small-scale entrepreneurs that sell akara because we find it predominantly everywhere and also in the north. They are also significant,” Mr Dare stated.

Citing his own experience and that of the business tycoon Aliko Dangote, Mr Dare urged Nigerians to get engaged in any legitmate enterprise, however small, amid the biting hardship in the country.

“Look at me today. Whenever I am today, my mother sold akara and banana. I carried banana on the tray in my head to markets in Jos, Plateau State. My mother sold oranges. And through that, they were able to train me. What’s wrong with that if that was right 60 years ago? Because it’s about the capital you have to grow these businesses by starting small.

“Go and read Dangote’s story. Go and read how he started from? He also started like a small trader. So the point the first lady is making is, whatever it is, be engaged in some kind of enterprise,” he added.

Meanwhile, human rights lawyer Inibehe Effiong, berated Mrs Tinubu over her comment, asking her to first venture into the business to encourage other Nigerian women.

“Senator Remi Tinubu should first set up Corn, Akara and Kuli Kuli business for some members of her family and the APC women leaders. It will encourage other Nigerians to venture into the same business,” Mr Effiong said in a statement on X on Saturday.

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Fresh From DavNotch Triumph, Abubakar Yusuf Targets Another Title at Tswako Foundation UTR Tournament

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Newly crowned national champion Abubakar Yusuf will be back in action today as he headlines the one-day Tswako Foundation UTR Tennis Tournament in Abuja.

Sports247 reports that the tournament promises to deliver another exciting spectacle, with 16 players battling for supremacy and a winner’s prize of ₦100,000 in a high-intensity competition scheduled to be completed in a single day.

Yusuf enters the event brimming with confidence following the biggest victory of his career at the DavNotch Open Tennis Championship.

The rising star stunned Nigerian number one Canice Abua in straight sets, winning 6-4, 6-1 to secure his maiden senior national title and announce himself as one of the country’s brightest tennis prospects, Sports247 gathered.

The triumph was particularly remarkable, considering Yusuf had never previously reached the final of a senior national event.

Among the four finalists at the DavNotch Championship, he was the only player without prior experience of competing in a national final.

However, the young player defied expectations with a composed and dominant display against the highly-rated Abua. After taking a closely contested opening set, Yusuf completely controlled the second set, breaking his opponent’s serve repeatedly to secure an emphatic victory.

The result marked a major breakthrough for the unheralded star and significantly boosted his profile within Nigerian tennis circles.

Now, less than 24 hours after lifting the biggest trophy of his career, Yusuf has another opportunity to continue his impressive run of form.

The Tswako Foundation UTR Tournament will test the endurance and consistency of all participants, with players required to navigate multiple matches in a single day to emerge champion.

With momentum firmly on his side and confidence at an all-time high, Yusuf will undoubtedly be the player to watch in Abuja.

A second title in as many days would further underline his rapid rise and cement his status as one of the most exciting talents in Nigerian tennis.

All eyes will be on the newly crowned national champion as he attempts to turn his fairytale week into an unforgettable one by adding another trophy to his growing collection.

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