BillDesk Co‑Founder Highlights UPI Growth, Security Needs Ahead of Fee Introduction

During a media briefing on September 16, BillDesk co‑founder Srinuvasu M.N. praised UPI’s rapid adoption, noting that the platform now supports over 500 million users across India. He attributed this surge to the heavy investments made by banks, financial institutions and the broader payments ecosystem.

Srinuvasu warned that as transaction volumes rise, the system will need stronger safeguards against fraud, enhanced cyber‑security measures and greater consumer awareness. He echoed the Policy Commission’s suggestion that a modest fee on high‑value UPI transactions could fund these critical upgrades.

The proposed charge would apply only to transfers exceeding ₹2,000, while routine payments such as utility bills, tax dues, insurance premiums and fuel purchases would receive discounted rates. Small‑ticket merchants and everyday consumers would be exempt.

Srinuvasu also explained that a fraction of the merchant discount rate could be redirected into a dedicated fund aimed at encouraging UPI usage among micro and small businesses.

In addition to domestic concerns, he highlighted India’s leading position in global retail digital payments, controlling more than half of worldwide transaction value. With the user base still expanding, Lahiri’s call for private‑sector‑led exploration of export markets—especially in Africa, Latin America, East Asia and Australia—was welcomed as a strategic imperative.

The consensus among industry leaders is clear: while a limited fee could bolster the ecosystem’s resilience, it must be carefully calibrated to avoid burdening consumers.