Industry leaders emphasise the need to enhance digital payment infrastructure and extend Unified Payments Interface (UPI) benefits to businesses, creating a seamless ecosystem for enterprises and consumers alike.
UPI expansion: From consumers to enterprises
Abhishek Saxena, MD and Co-founder of Omnicard, highlighted the untapped potential of digitisation among Indian businesses.
“Today, only 6.3% of India’s 64 million businesses are digitised. This statistic underscores the significant opportunities for growth,” said Saxena.
He called for UPI’s focus to shift toward enterprises, which could unlock robust payment solutions for businesses while driving overall economic growth.
Improved access to credit, simplified tax norms, and compliance relaxations could further support MSMEs in adapting to digital transformation.
Driving UPI globalisation and technological advancements
Rohit Beri, CEO and CIO of ArthAlpha, stressed the importance of policies that enhance UPI’s international reach and support technological innovation in digital payments.
“Streamlined compliance norms for digital payments and incentives for expanding UPI penetration to international markets can position India as a global fintech leader,” Beri stated.
He also recommended expanding regulatory sandboxes for emerging technologies such as blockchain and AI-driven payment platforms.
These initiatives could ensure innovation while maintaining robust consumer protections.
Bridging the digital divide
Expanding digital payment infrastructure in rural and semi-urban areas remains a key focus.
“Enhanced budgetary allocations for financial literacy and digital infrastructure will be instrumental in bridging the gap and expanding digital payments to underserved regions,” Beri added.
Addressing MSME needs through digital payments
Kunal Jhunjhunwala, Founder of Airpay, highlighted how digital payment solutions can ease the challenges faced by MSMEs.
“The MSME sector needs targeted incentives to adopt digital payment systems, enabling businesses to compete effectively in global markets. Platforms like ONDC have already demonstrated the power of digital adoption by creating vibrant marketplaces for small businesses,” Jhunjhunwala said.
He urged the government to address delayed payments, inflationary pressures, and high operational costs through specific budgetary interventions to strengthen the MSME ecosystem.
Vision for a fintech-driven future
The consensus among industry experts is that Union Budget 2025 should prioritise digital payments and fintech innovation to drive India’s economic growth.
“A fintech-centric budget with a focus on digital payments will not only enhance India’s global position but also create a resilient and future-ready economy,” said Beri.
