India’s digital economy is seen as crucial for the nation’s future economic and social progress, experts highlighted at a digital payments conclave in New Delhi. The event, organized by the Chintan Research Foundation (CRF) in collaboration with Ikigai Law and Koan Advisory Group, brought together various stakeholders to discuss the future of India’s digital payments landscape and the necessary policy framework for its advancement.
Experts emphasized the importance of maintaining a balance between innovation, trust, resilience, and consumer protection to sustain the growth of India’s digital economy. Sanjeev Ahluwalia, a Distinguished Fellow at CRF, underscored the role of the digital economy, particularly Digital Public Infrastructure (DPI) and digital payments, in promoting financial inclusion and enhancing economic efficiency during his inaugural address.
Deepak Mishra, a Distinguished Visiting Professor at the Indian Council for Research on International Economic Relations (ICRIER), stressed the need for a strong foundation of human capital, institutional trust, and continuous investment to drive digitalization. He also highlighted the transition from AI users to future innovators, emphasizing the importance of informed engagement with emerging technologies.
Rajat Kathuria, Dean of the School of Humanities and Social Sciences at Shiv Nadar University, praised India’s digital public infrastructure for its trustworthiness and potential to boost productivity through research, data infrastructure, and premium digital services. However, he cautioned against digital determinism and advocated for inclusive technological progress that upholds identity protection, consent, and accessibility.
The discussions at the conclave centered on the upcoming phase of India’s digital payments evolution. Balakrishnan Mahadevan, former Chief Operating Officer of the National Payments Corporation of India (NPCI), highlighted the necessity of prioritizing resilience, redundancy, and AI-driven fraud detection in the next phase of the Unified Payments Interface (UPI).
Former Finance Secretary Ashok Lavasa stressed the importance of integrated infrastructure, standardized practices, and clear legal frameworks to facilitate the global expansion of India’s payment systems and ensure secure cross-border transactions. Megha Sidhu, Officer on Special Duty at the Financial Action Task Force (FATF) Cell, reiterated India’s approach to cryptocurrencies and virtual digital assets, emphasizing technological neutrality and risk-based regulation.
Experts also raised concerns about the escalating risks of digital fraud and cybercrime, advocating for enhanced institutional collaboration, increased consumer awareness, and proactive cybersecurity measures to safeguard trust in India’s rapidly growing digital financial ecosystem. The insights from the conclave are expected to contribute to shaping policies for establishing a secure, inclusive, and globally competitive digital payments ecosystem in alignment with the vision of Viksit Bharat 2047.
