India's Unified Payments Interface (UPI) has the ability to handle 100 billion transactions over the next ten to fifteen years. However, this will occur in tandem with credit expansion. "We expect 100 billion UPI transactions in India over the next 10-15 years. We did the math previously, and it is a reasonable figure. "And credit will be the backbone of this growth," said Dilip Asbe, CEO of the National Payments Corporation of India.

He was responding to a question made by Kunal Shah, serial entrepreneur and Cred founder, during the Global Fintech Fest on what will attract the next millions of users to the UPI ecosystem. Asbe went on to say, "We've launched the credit on UPI and will release the commercials in a few weeks." I believe that small-ticket and high-frequency credit will be critical to achieving that goal."

He also believed that fintech will play an important role in driving this usage. "We believe that recurring payments, mandate QRs, and EMI QRs will promote usage... "Today, it is a time-consuming process," he noted. According to UPI, the transaction volume in June was 13.89 billion. In May, the figure was 14.04 billion.

However, Amrish Rau, Founder and CEO of Pine Labs, believes that credit growth is mostly dependent on three variables. "These include credit delivery speed, credit cost, and credit trust. We have begun this path, but I believe the Indian user has not yet adopted credit for personal and economic growth," Rau said during a panel discussion on the future of fintech.

According to Shailendra Singh of Peak XV Partners, credit may be a powerful balancing force, but it must be used wisely.