National Payments Corporation of India
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Search complete. 63 mentions across 20 episodes found for "National Payments Corporation of India".
Sep 24, 2026
Rachel VargheseHOST
And for a small finance bank, let's just say taking on credit cards was always a bit of a reach.
Rachel VargheseHOST
Then in 2023, the NPCI or National Payments Corporation of India, the governing body that runs UPI, also made credit a part of its network and called it Credit Line on UPI or CLOU.
Rachel VargheseHOST
At its launch, people called it a revolutionary product.
Rachel VargheseHOST
It was even expected to cross a trillion dollars in transaction value by 2030.
Rachel VargheseHOST
It was the first real proof that CLOU works.
Rachel VargheseHOST
Through its partnership with Paytm, Suryoday had sanctioned more than 360 crore rupees in CLOU credit to over 500,000 customers in just eight months, compounding at 63% every month.
Rachel VargheseHOST
And that's more than a third of what the entire country did on CLOU the last time NPCI publicly reported the figure in August 2024.
Rachel VargheseHOST
Close to half of those users already own a credit card.
Shreyas SrinivasanGUEST
UPI gives us no fundamental advantage on agentic payments.
Shreyas SrinivasanGUEST
Like UPI itself, NPCI has launched an agentic payments layer now.
Shreyas SrinivasanGUEST
Which happened at GFF like two weeks back.
Shreyas SrinivasanGUEST
Yeah, they launched it a year ago.
Praveen GopalkrishnanHOST
No, I don't think they struggle to pay people money.
Praveen GopalkrishnanHOST
I'm saying that paying other people money and delegating other people to pay...
Shreyas SrinivasanGUEST
By the way, P2P works on agentic NPCI.
Shreyas SrinivasanGUEST
It's not just P2M.
Pooja PrasannaHOST
UPI was free to users, but UPI was never free to operate.
Pooja PrasannaHOST
NPCI or the National Payments Corporation of India operates the UPI.
Pooja PrasannaHOST
This corporation connects different banks and payment service providers involved in the transaction.
Pooja PrasannaHOST
So when you make a payment, your bank has to check whether you have the money and then authenticate the transaction.
Kuldeep SinghHOST
You are right, building a consumer product is a different experience and building these things which are handling the user transaction at scale is a different challenge.
Kuldeep SinghHOST
So tell me something more around your Paytm Payment Bank experience where you directly worked with RBI and NPCI for such a massive transaction volume.
Kuldeep SinghHOST
For engineers who are moving into this heavily regulated sector, what is the most honest reality check regarding compliance and the system design process?
Kshitiz AgarwalGUEST
So, especially if you're talking about fintech products, I think three factors chip in, which are evident in other sectors also, but I think this sector emphasizes more.
Ajay RottiGUEST
It is not collected by the government.
Ajay RottiGUEST
It is not even collected by the NPCI.
Ajay RottiGUEST
Okay, so that's the first thing we have to lay out.
Ajay RottiGUEST
Second, is UPI free for people to say it has to continue free? No, nothing is ever free.
5 MINS LATER
Ajay RottiGUEST
And second is to say an ISP, which is an internet service provider today should not be charging money.
Ajay RottiGUEST
Now, if somebody is not charging money, why will anybody enter that business, which links to the second point that you are making, which is a monetization.
Ajay RottiGUEST
So the fees is not just for the technology, but it's also it's not even for NPCI, which has built this platform.
Ajay RottiGUEST
So to say it's also for everybody else in the ecosystem.
T. K. SwaminathanPANELIST
Therefore, they are repeatedly clarifying via influences that MDR is not a tax.
T. K. SwaminathanPANELIST
It is not collected by the government or NPCI, it goes to banks.
T. K. SwaminathanPANELIST
That's the government framing of this issue.
T. K. SwaminathanPANELIST
But the tricky part is two things.
8 MINS LATER
Ravi Shankar KapoorGUEST
You see, 20,000 crore is spent.
Ravi Shankar KapoorGUEST
You see, whenever there is a service, some IT system, Banks work, somebody works, somebody pays for it.
Ravi Shankar KapoorGUEST
So who's that somebody? This NPCI, this is a public sector kind of company, that banks are there, there's subsidies.
Ravi Shankar KapoorGUEST
So that has to be there.
Kaushik MukherjeeGUEST
largest UPI app.
UtsavHOST
Talk to us about the NPCI agentic rails, which now they've introduced as well for digital gold buying, I believe.
Kaushik MukherjeeGUEST
There are various use cases.
Kaushik MukherjeeGUEST
I think there are certain rails that have been introduced right now, but it's still going through some levels of experiments before we have enough confidence to do.
7 MINS LATER
Kaushik MukherjeeGUEST
You have a lot of parties through which that packet sort of traverses, if you may.
Kaushik MukherjeeGUEST
So you as a platform need to be resilient.
Kaushik MukherjeeGUEST
You need to sort of have some early warning signals in case one particular partner is going through, you know, some kind of an availability concern and you need to be intuitive in terms of your communication in the event that a particular partner is going through, let's say, their own challenges, right? So that You essentially are trying to obfuscate the complexity and you're trying to provide information which is a lot more commonplace, a lot more intuitive as far as the end customer is concerned because they don't care whether it's NPCI or super money or some particular bank or what the 5XX was.
Kaushik MukherjeeGUEST
They really want to know what happened to their money right and you have to be as simple about it as possible without being wrong i think that's important
Anupam ManurGUEST
And the entire kind of economic language of that has been corrupted, really.
Anupam ManurGUEST
by emotional argument by entirely but the economics is quite clear okay and i'm trying to you know i'll probably try and get you through this um there are at least six layers um and each one of them does incur a cost i can go through that um All, but I think that'll take too much time, but I'll just give you this thing, right? The NPCI is, of course, it's a routing, they build a routing infrastructure, they come up with something, you know, in innovation, they have the protocol, they maintain the protocol, the settlement instruction, all of that.
Anupam ManurGUEST
Then there's the...
Anupam ManurGUEST
And NCBI is a
Anupam ManurGUEST
It's just run by a consortium of banks.
Anupam ManurGUEST
Those banks are both private sector banks and public sector banks.
Anupam ManurGUEST
The RBI regulates the NPCI.
Anupam ManurGUEST
But...
Anirban ChaudhuriHOST
UPI payments are entering a new phase.
Anirban ChaudhuriHOST
[chime] From fifteenth October twenty twenty-six, NPCI has introduced something called a merchant discount rate, or MDR, of zero point four percent.
Anirban ChaudhuriHOST
Remember, this has been introduced on person-to-merchant UPI transactions above two thousand rupees.
Anirban ChaudhuriHOST
Now, this is the first time a fee has applied to UPI since it went free in twenty twenty.
Anirban ChaudhuriHOST
His argument is that UPI is a mode of payment almost effectively replacing a currency.
Anirban ChaudhuriHOST
So my first question to him is, doesn't bringing back MDR go against that principle?
Ashish DasGUEST
Now, NPCI justifies the forty bps fee on transactions, uh, greater than rupees two thousand as necessary to fund the bandwidth, cybersecurity, and the ecosystem viability.
Ashish DasGUEST
So that's the premise under which they have introduced this.
Chandra AshrikantHOST
He also dismissed former BharatPe CEO Ashneer Grover as a non-serious actor.
Chandra AshrikantHOST
Grover's comments that RBI and NPCI surplus could be used to subsidize UPI instead of charging MDR have gone viral on social media over the last day.
Chandra AshrikantHOST
So clearly a lot to unpack in this interview with Samir Nigam.
Chandra AshrikantHOST
Head over to our YouTube channel for the full video interview.
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