Updated
Updated · TechCrunch · Jun 27
NPCI Sees AI Pushing UPI Past 1 Billion Daily Payments as PhonePe, Google Hold 80%
Updated
Updated · TechCrunch · Jun 27

NPCI Sees AI Pushing UPI Past 1 Billion Daily Payments as PhonePe, Google Hold 80%

3 articles · Updated · TechCrunch · Jun 27

Summary

  • UPI already handles more than 750 million transactions a day, and NPCI CEO Dilip Asbe said AI will be central to reaching the next target of over 1 billion.
  • AI's role, he said, spans onboarding the next 500 million users, detecting fraud and mule accounts, and extending credit to users and merchants with digital payment histories.
  • Voice and multilingual tools are part of that push, though Asbe said voice adoption remains early; NPCI's 2023 voice assistant has yet to see broad uptake.
  • NPCI is also testing AI in finance more broadly, including agentic commerce demos and its FIMI dispute model, which now serves more than 1 million users.
  • The expansion comes as UPI competition stays concentrated: PhonePe and Google Pay control over 80% of the market, while a 30% market-share cap is due on Dec. 31, 2026.

Insights

India bets on AI to stop UPI fraud, but could this create new, undetectable financial risks for its billion users?
With a 30% market cap looming, how can new UPI apps profit when even giants struggle to monetize free payments?