TL;DRNPCI 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.
India’s Unified Payment Interface has grown to over 750 million daily transactions, and the head of the body that oversees it says AI will be central to reaching a billion. Dilip Asbe, MD and CEO of the National Payments Corporation of India, told TechCrunch at Mumbai Tech Week that AI could drive the next half billion users through fraud prevention, credit distribution, and multilingual voice onboarding.
“AI will be used very effectively when we look at the next wave of UPI, and that includes all aspects, including reaching new users,” Asbe said. “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.”
NPCI launched a voice assistant-based payment system in 2023, but Asbe acknowledged adoption has not taken off yet. He said voice models need to be more accurate before they become a critical component of the payment ecosystem. India has been debating its AI sovereignty more intensely in recent weeks, with proposals for a $5 billion annual sovereign AI fund and calls to build small language models tailored to local languages and use cases.
