Mumbai | “The next financial infrastructure must be intelligent enough to understand intent, programmable enough to coordinate value, resilient enough to withstand future threats, and inclusive enough to serve every citizen," said Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India (NPCI), delivering the keynote address at the 7th Global FinTech Fest (GFF) 2026.
Speaking on the theme "The Architecture of Trust: Moving Beyond Payments into Intelligence and Programmability,” Shri Choudhary said the financial system is entering a phase where systems are becoming more intelligent, assets and transactions more programmable, and digital trust itself is being redefined. He added that "The question is no longer whether new technologies will affect finance, but how effectively we navigate this transition, and capture the opportunities without losing control of the risks.”
Marking 10 years of UPI, Shri Choudhary highlighted that UPI processed more than 24.5 billion transactions worth Rs 29.8 lakh crore in August 2026 alone, through 752 participating banks. UPI has evolved from a payment interface into infrastructure embedded in everyday life, he said, crediting national leadership that placed digital payments at the heart of India's development journey. He paid tribute to Hon'ble Prime Minister Shri Narendra Modi Ji's consistent efforts in championing UPI globally, making it one of the most visible expressions of India's technological capability and confidence.
Speaking on the future of financial infrastructure, Shri Choudhary outlined three key transitions that will define the next phase of transformation. The first, he said, is the shift from Instructions to Intent, where Agentic AI could enable systems to interpret objectives and act within authorised mandates. However, he stressed that human authority must remain fundamental to financial systems. "The objective should be bounded and accountable agency, not unlimited machine autonomy," he said, adding that NPCI is examining protocols to identify and authorise digital agents within the UPI ecosystem while preserving interoperability and settlement finality.
The second is from Moving Money to Coordinating Value. Programmability can link the movement of money or assets to agreed conditions. He referred to NPCI's open-source enterprise blockchain platform, Drunix, designed to support tokenisation platforms, digital asset ecosystems and multi-organisation networks. Common standards and interoperability, he said, will be essential to preventing fragmentation.
The third is confidence that money will retain its value, transactions will complete as intended, data will be protected, and responsibility will remain identifiable when something goes wrong. It is also the movement from Present Security to Future Resilience. Shri Choudhary flagged that advances in quantum computing require financial institutions to prepare well before existing cryptographic protections are threatened. He described the shift toward post-quantum cryptography as "a long-term, ecosystem-wide exercise," involving boards, regulators, banks, Fintechs and cybersecurity specialists.
He mentioned that the real transformation will emerge when intelligence, programmability, and trust operate together. He, however, cautioned that as these technologies converge; their risks may also become interconnected. He noted that “model risk can turn into payment or conduct risk, cloud dependence can create operational and sovereignty concerns, and errors in programmable conditions can become settlement problems”. Risk management must therefore follow the activity across the entire chain rather than assess each technology in isolation.
On sovereignty risk, he stressed that financial institutions must retain control and meaningful choice over critical technology, avoid excessive dependence on any single model, cloud or technology provider, preserve portability across providers, and build the skills and institutional capacity required to deploy and supervise new technologies responsibly. He added that “sovereignty is ultimately a combination of control, capability, choice and preparedness” and further noted that “at sovereign level, regional or global cooperation on the issue is another way forward.”
Concluding his address, Shri Choudhary emphasised that the true value of technology lies not merely in driving efficiency, but in enabling better decisions, stronger resilience, greater inclusion, and improved outcomes for society. Reflecting on ten years of UPI, he congratulated the leadership and staff of NPCI, and acknowledged the support of the Reserve Bank of India and the Government of India in the UPI journey over the past decade. Expressing confidence in the road ahead, he said, “NPCI will continue to provide leadership in the emerging, scalable and inclusive technological progress to redefine the finance of tomorrow.”
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About Payments Council of India (PCI)
The Payments Council of India (PCI) was formed under the aegis of the Internet and Mobile Association of India (PCI) in the year 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia to represent the various non-banking payment industry players, and to address and help resolve various industry-level issues and barriers that require discussion and action.
The council works with its 220+ members, encompassing over 90% of the industry to promote payments industry growth and to support our national goals of 'Cashless Society' and ‘Growth of Financial Inclusion’ which is also the Vision Shared by the RBI and the Government of India. PCI represents the complete digital payments ecosystem of India through its various committees representing different sectors.
About National Payments Corporation of India (NPCI)
National Payments Corporation of India (NPCI) is the umbrella entity responsible for operating retail payments and settlement systems in India. It is established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). The Company is focused on bringing innovations in the retail payment systems by using technology for achieving greater efficiency in operations and widening the reach of payment systems. NPCI is committed to harnessing the transformative potential of deep tech, creating an ecosystem that fosters collaboration to work on breakthrough technologies. Underlining its commitment to service, NPCI has been incorporated as a “Not for Profit” Company to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
NPCI has made a profound impact on India's retail payment landscape, focusing on creating robust, efficient, and inclusive payment and settlement solutions. NPCI has been instrumental in introducing a range of products that have revolutionised retail payment systems. These include Unified Payments Interface (UPI), RuPay, National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Toll Collection (NETC), Aadhaar Enabled Payment System (AePS), e-RUPI and more. Each of these products has contributed significantly to enhance the efficiency and accessibility of payment systems in India, ultimately propelling financial inclusion.
NPCI has played a fundamental role in establishing the foundation for India’s rapidly growing digital payments ecosystem, projecting the country onto the global stage.
NPCI has four wholly owned subsidiaries – NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL), NPCI BHIM Services Limited (NBSL) and NPCI Tech Solutions Limited (NTSL), established in pursuance of NPCI Board & RBI approval.
For more information visit: https://www.npci.org.in/
About Fintech Convergence Council (FCC)
Established in 2018, the Fintech Convergence Council (FCC) is an industry body representing the collective voice of fintech companies in India. Since its inception, the FCC has evolved into a leading platform with a diverse membership of over 280 fintech entities across key segments including digital lending, wealth, insurance, RegTech, and credit bureaus. The FCC’s core mission is to address sector-specific challenges and provide a unified platform for dialogue within the broader BFSI (Banking, Financial Services, and Insurance) ecosystem.
The council actively engages with regulators and policymakers to help shape progressive policy frameworks and promote a balanced approach to innovation and compliance. In addition to policy advocacy, the FCC also focuses on knowledge sharing, strengthening consumer education, and promoting responsible finance through awareness-building initiatives on customer protection, digital literacy, and best practices in fintech.
To learn more, please visit https://fintechcouncil.in