India’s central bank and an industry group launched the National Payments Corporation of India (NPCI) in 2008 to create more robust payment systems. As smartphone and internet use have grown in India, the NPCI launched United Payments Interface (UPI), which allows instant money transfers via mobile apps and QR codes, and has brought digital payments to nearly 300 million users, replacing debit and credit cards and enabling e-commerce growth in a country that has long clung to cash. The company has had huge growth: in 2021–22, it clocked a whopping 45 billion transactions and accounted for 52% of India’s digital payments. NPCI is now expanding internationally, which managing director and CEO Dilip Asbe says will enable cross-border payments and remittances. “That is the future we see—a global connected financial world,” he says.
A weekly newsletter featuring conversations with the world’s top CEOs, managers, and founders. Join the Leadership Brief.
- Donald Trump Is TIME's 2024 Person of the Year
- Why We Chose Trump as Person of the Year
- Is Intermittent Fasting Good or Bad for You?
- The 100 Must-Read Books of 2024
- The 20 Best Christmas TV Episodes
- Column: If Optimism Feels Ridiculous Now, Try Hope
- The Future of Climate Action Is Trade Policy
- Merle Bombardieri Is Helping People Make the Baby Decision
