Mastercard says UPI complements digital payments ecosystem, not a competitor; sees significant growth potential in India
Mastercard's Division President for South Asia, Gautam Aggarwal, stated that the Unified Payments Interface (UPI) complements rather than competes with digital payments in India. He emphasized that UPI has significantly expanded the digital payments ecosystem and enhanced consumer education about digital transactions. Despite India's status as the largest digital payments market, Aggarwal noted substantial growth potential remains, indicating that the industry is still in its early stages.