The Unified Payments Interface (UPI) demonstrates considerable potential for expansion, particularly in targeting rural communities and developing offline payment solutions. Vishal Anand Kanvaty, Chief Technology Officer of the National Payments Corporation of India (NPCI), articulated these insights during a recent interview with ANI in Mumbai on September 9, 2023.

Kanvaty emphasised that despite UPI crossing 24.5 billion transactions in August, the journey towards further growth remains in its nascent stages. Kanvaty acknowledged the extensive work needed to effectively reach rural users and implement solutions that function in environments lacking internet connectivity. He stated, “There’s a lot of work that needs to be done and I think we will keep growing.” The focus on credit, according to him, will be an essential element as the platform continues its expansion.

International Expansion and Adoption Trends

In discussing the international prospects of UPI, Kanvaty highlighted anticipations for the platform to extend its reach in markets frequented by Indian travellers. He noted the success UPI has seen in nations such as the United Arab Emirates, Singapore, Sri Lanka, and Nepal. “Our strategy has always been where a lot of Indians are travelling… we want to work in those countries,” he remarked.

The recent communication from the Ministry of Finance indicated that UPI is operational in eleven countries and now accounts for nearly 49 per cent of the global real-time payment transaction volume as of 2025. The figures reveal that UPI processed over 24,162 crore transactions in the fiscal year 2025-26, with daily averages rising to 66 crore transactions in 2026.

In May, UPI recorded monthly transaction volumes surpassing 2,300 crore for the first time, escalating further to an unprecedented 2,366 crore transactions in July. These statistics reflect the increasing acceptance and integration of UPI into both domestic and international markets.

Technological Advancements and Future Directions

Kanvaty also addressed the growing role of artificial intelligence within NPCI’s operational framework. He mentioned that NPCI began adopting AI technologies approximately seven to eight years ago for fraud detection purposes. The application of AI has expanded beyond fraud monitoring to include areas such as dispute resolution and enhancing internal productivity.

Looking ahead, Kanvaty noted, “There is a lot of scope for AI,” suggesting that the integration of this technology will continue to play a pivotal role in enhancing the digital payments landscape. He indicated that the next phase of UPI’s development will concentrate on bridging access gaps while simultaneously bolstering international market presence through innovative technologies.

The NPCI’s future vision for UPI aims to encompass bringing an increased number of users and merchants into the ecosystem. Technological advancements and a commitment to greater financial inclusion are projected to underpin this initiative as UPI navigates its next decade of operations.

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