Mastercard says UPI complements digital payments ecosystem, not a competitor; sees significant growth potential in India
Mastercard sees India's UPI as a complementary platform for digital payments. This homegrown system has significantly expanded the country's digital payment ecosystem. Mastercard continues to invest heavily in cybersecurity to ensure system trust. Enhanced security innovations balance user convenience and friction effectively. India's digital payments framework is considered among the best…
Mastercard's Gautam Aggarwal stated on Thursday that the Unified Payments Interface (UPI) complements India's digital payments ecosystem, rather than competing with it. Speaking at the 3rd India International FinTech Festival 2026, Aggarwal emphasized that Mastercard sees UPI as an enabler that has significantly expanded the country's digital payments landscape.
He noted that the growth of UPI and similar national payment systems globally has increased consumer awareness of the benefits of digital payments, thus fostering a larger market. Aggarwal highlighted that while India is currently the world's largest digital payments ecosystem in absolute terms, there is substantial potential for growth in terms of consumer penetration.
Mastercard has been investing heavily in cybersecurity for over two decades and plans to continue doing so, ensuring that enhanced security measures do not compromise user convenience. The company has been both acquiring other firms and innovating in-house to bolster its cybersecurity efforts. Aggarwal also praised India's stringent digital payments regulatory framework, considering it among the best globally.
He stressed that continued investment in consumer education about safe digital payment practices and fraud prevention is crucial to maintaining trust as the ecosystem expands.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
