Thursday, October 3, 2019

Infrasoft Tech CEOs Views on NPCI's Data on Rise on UPI Payments

The rising popularity of UPI transactions is because of the simple, secure and seamless banking experience it offers to the end-consumer across channels. One of the key factors in the fast-paced growth of UPI is the participation of both banking and non-banking entities. Applications like G-pay, PhonePe, PayTM, Freecharge, etc., have helped take this technology to the masses. People need not worry about carrying cash and can initiate payments of utility bills or to individuals and merchants both with ease of merely scanning a QR code. All this while gaining reward points and cashback too. Also, with the introduction of merchant onboarding on UPI platform is giving rise to a person to merchant (P2M) payments.

The reason for the rise in UPI transactions is due to its wider adoption owing to the simplicity and security of transacting. The initiatives such as BBPS (for bill payments), onboarding of small merchants, API integration with large merchants by Banks in addition to the P2M (Person to Merchant) transactions done through PSP apps like Google Pay, PhonePe, Amazon Pay etc., has seen growth in transaction volumes.

UPI will see an upward trend with the launch of UPI 2.0, with mandates for one-time & recurring payments, IPO subscription etc. Integration with NETC for tolls and onboarding of small merchants in semi-rural and rural areas will see UPI volumes increase.

With the government's effort towards making India a less-cash economy, we are constantly innovating and developing solutions to enhance the customer banking experience and promote the government's efforts towards a cashless economy. Our AI-based Omnichannel solution processed over 2.3bn transactions in the last 12 months. We recently enabled a bank's customers to withdraw cash from their ATMs by only scanning a QR code using the UPI app. Such initiatives will help transition plastic-based payments to fully digital payments. This is truly an Omnichannel experience for clients since we are able to extend UPI to a non-mobile platform. In the near future, we will enable use cases of UPI driving digital payments using IoT integration and voice commerce.

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