India Is Set to Become Largest Digital Economy In The World: Mastercard

Last updated on August 20th, 2022 at 10:33 am

Mastercard CEO was presented in an interview on CNBC TV18 where he applauded UPI & said, “India is Set to Become Largest Digital Economy in the World.”

According to Michael Miebach, worldwide CEO of Mastercard, India has the capability to overtake all other digital economies as the largest in the world. 

On his first trip to India since taking up his position, Miebach spoke with CNBC TV18 about a variety of subjects, such as the future of payment systems and the prospects he sees in India.

Miebach stated, “What I see today, particularly through the lens of our business when we look at the digital economy and how it is growing in India and growth rates of UPI and so forth, is that there is technology put to work at scale and unprecedented ways in India.” 

“I think that to be incredibly fascinating as a tech company and as a tech enthusiast, “added he.

The CEO of Mastercard stated that he sees payment structures in India that are compatible with his company’s plans for expansion there. 

Also Read: Top 10 Best Payment Apps for Money Transfer and Digital Wallets 2022

“One should consider and consider what else Mastercard can do to develop its company through collaborations with fintech and other businesses here in India that are employing these technologies, “added he.

Regarding India’s inclusive digital economy, Miebach noted that there is an outstanding push for financial inclusion. 

“We believe that 100 million individuals will come together to establish a digital economy in India in the next few years,” he said.

What type of financial innovation can be transferred from India was the question posed to Miebach. “Pay however, whenever, and always with the knowledge that it is safe and secure. The headline is that,” he retorted.

“It will be paid in the metaverse, through voice, offline, and in regions of the nation where there is no GSM coverage or where it is not as good as it should be. 

Therefore, any piece of technology available today will significantly advance us, according to the CEO of Mastercard.

A international payments and technology corporation, Mastercard is now more than just a credit card provider, according to Miebach. 

We do not issue credit cards. As a provider of payment technology, our business objective is to be in the payments industry.

He added that he thinks the issue of security and trust plays a crucial part in the digital economy. 

As this develops into one of the world’s major digital economies, he said, “the challenge on cyber security plus how do you ensure that these payments remain secure is that that is a cooperation area.”