Digital payments will grow phenomenally despite risks, says Dilip Asbe

Mumbai: Cybersecurity and lack of consumer awareness are threats to growth of digital payments in India, said Dilip Asbe, managing director and chief executive officer of the National Payments Corporation of India (NPCI).

India’s digital payment system would see phenomenal growth as challenges to greater adoption of such payments are addressed gradually, Asbe said.

Stressing that “one-system-fits-all does not work in India, unlike other smaller countries with lesser population”, he said that Bharat Bill Pay, National Electronic Toll Collection and the National Common Mobility Card were efforts to fill the gap in Indian retail payment systems. Asbe was speaking on the future of digital banking at the Mint Annual Banking Conclave 2019.