Industry leaders emphasize the need to increase digital payments infrastructure and expand the integrated payment interface (UPI) benefits for businesses, equally a spontaneous ecosystem for enterprises and consumers.
UPI expansion: from consumers to enterprises
Abhishek Saxena, MD and co-founder of Omannard, highlighted the unused ability of digitization among Indian businesses.
“Today, only 6.3% of India’s 64 million businesses have been digitized. This data outlines important opportunities for development, ”Saxena said.
He shifted to enterprises to focus the focus of UPI, which can unlock the strong payment solution for businesses by increasing overall economic growth.
Better access to credit, simplified tax criteria, and compliance relaxation can support MSME in adapt to digital changes.
Driving UPI globalization and technological progress
Rohit Berry, CEO and CIO of Arthlfa, emphasized the importance of policies that increase the international access of UPI and support technological innovation in digital payments.
Berry said, “The streamlined compliance criteria for digital payment and encouragement to expand UPI penetration in international markets can place India as a global fintech leader,” Berry said.
He also recommended to expand regulator sandbox for emerging technologies such as blockchain and AI-operated payment platforms.
These initiatives can ensure innovation by maintaining strong consumer security.
Digital division
The expansion of digital payment infrastructure in rural and semi-urban areas is a significant focus.
Berry said, “It would be important to reduce the extended budgetary allocation gaps for financial literacy and digital infrastructure and expand digital payments.”
MSME needs through digital payment
Kunal Jhunjhunwala, founder of AirPay, highlighted how digital payments can reduce the challenges faced by MSMEs.
“The MSME region requires target incentives to adopt digital payment systems, which can enable businesses to compete effectively in global markets. Platforms like ONDC have already demonstrated the power to adopt a digital by creating a lively market for small businesses, ”Jhunjhunwala said.
He urged the government to address delayed payment, inflation pressure and high operational costs, which is through specific budgetary intervention to strengthen the MSME ecosystem.
Vision for a Fintech-Powered Future
The consensus among industry experts is that the Union Budget 2025 should prefer digital payments and fintech innovation to run India’s economic development.
Berry said, “With focus on digital payments, a Fintech-centered budget will not only increase India’s global status, but will also create a flexible and ready economy for the future.”
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