Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), envisions a future where artificial intelligence plays a pivotal role in digital payments. With UPI transactions soaring past 750 million daily, NPCI aims to reach one billion users with AI assistance.

Mr Asbe, speaking at Mumbai Tech Week 2026, highlighted the potential of AI in enhancing user growth and fraud prevention, stating that it could drive an additional half a billion users. He also underlined its importance in credit distribution among digital footprints.

The conversation turned to voice interfaces, although Mr Asbe acknowledged that accurate models are still needed for widespread adoption. NPCI has launched a voice assistant system but its uptake remains limited.

Regulating AI in finance with robust frameworks and user protection is key, according to the CEO. He also spoke about the opportunity for Indian companies to build small language models unique to their data sets, citing NPCI’s FIMI model as an example of dispute resolution success.

The competition between UPI apps remains a concern; despite efforts, PhonePe and Google Pay dominate with 80% market share. The regulator hopes new players will emerge if viable business models are available, but for now, the landscape is dominated by tech giants.