Shark Tank’s Anupam Mittal to NPCI: Time to disrupt companies like Visa and MasterCard with UPI

Shark Tank India judge Anupam Mittal has called for leveraging India’s Unified Payments Interface (UPI) to challenge global payment giants like Visa and Mastercard. In a post on X, Mittal highlighted how UPI has enabled "global-scale frictionless & costless transactions" in India. He further suggested that it is time to disrupt companies like Visa, Mastercard and even banks that charge transaction fees ranging from 2-5% on a multi-trillion dollar payment industry.

In his post, the People Group founder urged the National Payments Corporation of India (NPCI) to take action, stating, "India-tech for the world is ready. What are we waiting for?"
In the post, Mittal said:
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 ?
Launched in 2016, UPI has revolutionized digital payments in India with instant, low-cost transactions. It has also expanded internationally through partnerships in countries like Singapore, the UAE, and France. The statement comes as discussions grow on reducing dependence on foreign payment systems and enhancing India's global fintech presence.

In another news, NPCI has begun gradually eliminating the 'Collect Payments' feature from the UPI platform to address growing fraud concerns, according to banking officials familiar with the matter. An Economic Times report states that this pull-based payment method, which allows merchants to request money directly from users' UPI apps, has become increasingly vulnerable to scams.
Under the new directive, pull payments will be limited to large, verified merchants, while person-to-person collect requests will have a cap of Rs 2,000.