The head of the Indian State Payments Corporation (NPCI) stated that AI would be an important tool for the next stage of digital payments in India, with a focus on rehabilitation, anti-fraud and credit distribution. The NAPI is responsible for operating the Unified Payment Interface (UPI) with an average daily turnover of more than 750 million transactions, and the goal is to continue to move forward with an average of more than 1 billion transactions per day.
AI left three things behind.
The NPCI Managing Director and Chief Executive Officer, Dilip Asbe, stated that AI would be used to identify frauds, discover “mule” accounts and help to provide credit to users and businesses with digital footprints. He also mentioned that AI could be used for voice and multilingual programmes to make it easier for new users to register.
Voice payments are still early.
Asbe believes that the voice interface has potential in the Indian payment scene, but the current model is not sufficiently accurate. NPCI introduced the Voice Assistant Interactive System as early as 2023, but the rate of adoption has not yet been marked. He indicated that, if the right scene was found, the voice could still be an important component of the payment ecology.
Pay Eco is looking for a new model.
In the area of finance and regulation, Asbe argued that India could also promote AI-driven financial services, provided that there were adequate safeguards and a clear framework. He also mentioned that there was an opportunity for the financial ecology of India to develop smaller and more specialized language models, in which banks, financial science and technology companies and related institutions could be involved.