Dilip Asbe, MD and CEO of the National Payments Corporation of India, believes AI will drive the next phase of user growth, fraud prevention, and credit distribution in India's digital payment ecosystem. Asbe thinks AI can help reach the next half a billion users with the help of NPCI, India's central bank, and the government.
AI is expected to be used for voice and multilingual solutions to make onboarding simpler and to provide credit to users and merchants with digital footprints. Asbe also noted that the Indian finance ecosystem has an opportunity to build small language models that can differentiate from each other based on the data sets available to them.
The regulator's plan to cap an app's market share at 30% is set to take effect on December 31, 2026, which could lead to healthier competition between UPI apps.
