SUMMARY
Asbe emphasised that Indian fintech companies must spearhead the task of elucidating the country's payment standards to the global market before exporting them
He stressed the need for investment in this endeavor, noting that payment startups are well-funded
India has made concerted efforts to promote its domestic payments ecosystem on the global stage
Fintech companies in India will expand their global footprint with strong backing from the government and the Reserve Bank of India (RBI), according to Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI).
“Creating an acquiring footprint, creating value-added services over that, I think it is very logical for fintechs in India. I would be really surprised if we lose that game. With the clear thinking of the government and RBI, Indian fintechs will go global, as simple as that,” he said.
Asbe said this at Razorpay’s annual event in Bengaluru, in conversation with Harshil Mathur, CEO and cofounder of Razorpay.
Asbe emphasised that Indian fintech companies must spearhead the task of elucidating the country’s payment standards to the global market before exporting them.
He stressed the need for investment in this endeavour, noting that payment startups are well-funded. He acknowledged the dilemma faced by fintechs regarding balancing focus between domestic and global markets, given India’s substantial market size.
However, Asbe issued a caution to fintech founders regarding regulatory compliance, advising them to refrain from developing products that regulators have not explicitly authorised.
He emphasised that if a particular activity or product has not been explicitly approved, the default stance should be to abstain from pursuing it.
Currently, NPCI’s Unified Payments Interface (UPI), has expanded its reach beyond India and is currently operational in several other countries. UPI services have been adopted in nations including Sri Lanka, Mauritius, UAE and France, among others.
India has made concerted efforts to promote its domestic payments ecosystem on the global stage. At events like the Global Fintech Fest 2023 and the G20 Summit last year, Indian officials showcased key components such as the UPI, the card network RuPay, and the digital public goods infrastructure to delegates from around the world.
A collaboration between India and Singapore has linked their fast payment systems, UPI and PayNow, facilitating quick and secure cross-border money transfers for residents of both nations.
Moreover, NPCI and banks in the United States and India are reportedly in advanced talks to establish a real-time payment linkage between the two countries.
