AI In Digital Payment Growth: NPCI Chief has set a target of 1 billion daily transactions for UPI, for which 50 crore users will be added. According to him, UPI will play a special role in this. Apart from this, according to the new plan to be implemented from December 31, 2026, there is a plan to limit the market share of any app at 30 percent. Also, NPCI Chief wants to give tough competition to PhonePe-GooglePay by presenting BHIM app as a safe alternative.
AI will expand the scope of UPI
According to Dilip Asbe, security will prove to be a big aspect to take UPI to new users. According to him, AI will be used effectively to prevent fraud, detect fake accounts and keep existing users safe.
Along with this, he also talked about providing easy credit i.e. loan facilities to merchants and users with the help of AI. According to reports, to make onboarding easier, solutions based on Indian languages and voice are being prepared.
Need to create small language model
According to reports (REF.) According to Asbe, considering the way digital transactions are increasing, India is in great need of strong rules. In such a situation, in case of any disturbance or fraud, it can be easily checked what instructions the user had given to AI and what work was approved.
According to reports, this is a great opportunity for fintech companies to create small language models. India already has a wealth of data. With this data, banks and fintech companies can create AI tools. For example, NPCI’s FIMI model is already solving payment problems of millions of customers in a jiffy.
BHIM app will compete with Google Pay-PhonePe
- Currently, 80 percent of the UPI market is occupied by Walmart’s PhonePe and Google Pay.
- NPCI wants to maintain healthy competition in the market. For this, the plan to limit the market share of any app to 30 percent is going to be implemented from December 31, 2026.
- Although the cost of switching to UPI apps is quite low, other players will need a commercial model to survive in the market.
- Moreover, NPCI is promoting its BHIM app as a secure alternative, to make the market more competitive.
About the authorgrand bhardwajBhavya Bhardwaj is an experienced journalist from the world of tech and gadgets and is currently associated with Times.com as a Digital Content Producer. Active in the field of journalism for the last 11 years, Bhavya has closely observed and covered the changing landscape of technology, gadgets and consumer electronics. While working in reputed organizations like Zee News (DNA), India News, UC News, Oppo India and ByteDance (TikTok), he has brought technology to common users in Hindi language. He has improved his understanding of technical intricacies and users by working for global tech companies like Google and WhatsApp (Meta). As a tech journalist, Bhavya specializes in reviews of new gadgets, launch events and changes happening in the world of AI. Bhavya believes in reading and understanding about AI and using it to deliver useful things to people. Also, he not only keeps a keen eye on the latest smartphones, but he also examines audio devices and wearables in depth. Bhavya’s skill is to convey complex technical information to the readers in simple and colloquial language, so that even common readers can easily understand the new technology. Bhavya also has expertise in conveying useful tips and tricks to people in simple language using different technologies. Bhavya Bhardwaj graduated in Mass Media and Creative Writing from Jamia Millia Islamia University. He holds a Master of Journalism and Mass Communication (MJMC) degree from Guru Jambheshwar University, Hisar. His educational background gives him the strength to present technical news in a factual and creative manner. He doesn’t judge technology just on the basis of specifications, but looks at it from the perspective of what kind of experience a user will get with it. He believes that the real purpose of technology is to make life simpler and this thinking is also reflected in the way he describes technology.… read more