‘India-tech for the world is ready’: Anupam Mittal says it’s time for UPI to disrupt global payment giants like Visa, Mastercard

Shaadi.com founder Anupam Mittal has called for  Unified Payments Interface (UPI) to expand globally, challenging traditional payment giants like Visa and Mastercard. In a tweet on Thursday, Mittal highlighted UPI’s potential to disrupt the multi-trillion-dollar payments industry by eliminating transaction fees and making global payments seamless.

“UPI has enabled global-scale frictionless & costless transactions in India. It’s time to disrupt cos like Visa & Master as well as Banks that take out 2-5% of a multi-trillion dollar pie. India-tech for the world is ready. What are we waiting for @NPCI_NPCI?” he wrote.

UPI, developed by the National Payments Corporation of India (NPCI), has revolutionized digital payments in India by offering instant, real-time transactions with zero or minimal costs. Unlike traditional payment networks that charge merchants and users hefty fees, UPI has made everyday transactions seamless and nearly costless, driving financial inclusion across the country.

Mittal’s remarks come at a time when India has been actively pushing UPI’s international adoption. Countries like Singapore, the UAE, Sri Lanka, France, and Nepal have already started integrating UPI-based systems, and discussions are ongoing with several others. The Central government and NPCI have been working on expanding UPI’s footprint through cross-border collaborations, aiming to establish it as a global alternative to existing payment networks.

Traditional players like Visa and Mastercard, along with global banks, charge merchants between 2% to 5% per transaction, a cost ultimately borne by businesses and consumers. Mittal argues that UPI’s zero-cost model can disrupt this system and bring down the cost of digital payments worldwide.

While challenges such as regulatory approvals, currency exchange mechanisms, and interoperability remain, Mittal’s statement underscores growing confidence in UPI’s capabilities.

Meanwhile, to keep the UPI ecosystem affordable and accessible for all users, the government has launched an incentive scheme for the “promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)”. Under the scheme, person-to-merchant (P2M) UPI transactions, which are valued at less than Rs 2,000 and are made to small merchants, the acquiring bank and other involved stakeholders will be eligible for an incentive at the rate of 0.15% per transaction value.