NPCI aims to close FY24 with 10% market share for UPI on credit: Dilip Asbe

The National Payments Corporation of India (NPCI) aims to close the current financial year with UPI capturing a market share of 10% in the credit space, Dilip Asbe, Managing Director and CEO, said on Friday.

The payments body is looking to grow the number by at least 10% every year, Asbe said during a fireside chat with Shradha Sharma, Founder and CEO, YourStory, at TechSparks Mumbai.

Asbe added that active participation from, and collaboration with, banks and fintech firms in the country will help NPCI realise this milestone.

“We are trying to work with the ecosystem to make it diverse and well-spread,” Asbe said, adding that the NPCI is grateful to the Reserve Bank of India for approving the linking of Rupay credit cards with Unified Payments Interface (UPI) and for authorising credit lines.

Credit on UPI is expected to see new models on the back of digitisation and the “sachetisation” of credit, he said.

“However, the tech stacks available today are not built for these capabilities yet," Asbe noted. The legacy stacks involve the process of underwriting for much higher value, while we are currently looking at smaller values specifically for buy now pay later (BNPL) or EMI-focused customers to start the credit journey. So, we will continue evolving with support from banks and fintechs."