The National Payment Corporation of India’s (NPCI) Unified Payment Interface (UPI) has become one of the most widely accepted digital payment modes because of its ease and convenience and several UPI apps are ruling the space. NPCI, recently announced the launch of UPI Lite or the offline version. According to NPCI, more than 75% of the transactions in retail via UPIs are below the value of INR 100 in India and hence UPI Lite will initially be capped to a value of INR 200.

Our keynote speaker, Vijay Rajagopal, is the Head of Sales and Business Development at Amazon Pay (offline) and is currently building India’s largest digital payments ecosystem for customers and merchants to transact using Amazon Pay.

Key Takeaways:

• India has a significant volume advantage in the payments landscape. India has a market share of 90% as compared to China’s 43%.
• There are already around 300 million active digital users, and the user base is expected to grow to a billion in the next few years.
• Today, India processes close to $40 trillion worth of UPI (United Payments Interface) payments annually. This includes both P2P (Peer-to-Peer) and P2M (Peer-to-Merchant) payments. The 123Pay service allows users to make payments via their private IVR number using any type of feature phone.
• UPI Lite will initially be capped at INR 200 because over majority of retail UPI transactions in India are below INR 100 (according to National Payments Corporation of India (NPCI) ).