India is Set to Become Largest Digital Economy in the World, says Mastercard CEO

India has the potential to become the biggest digital economy in the world, Mastercard global CEO Michael Miebach has said in an interview with CNBC TV18, Miebach, who was on his first visit to India after taking charge at his role, spoke on a number of topics, including the future of payment systems and the opportunities he sees in India.

“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, there is technology put to work at scale and unprecedented ways in India. As a tech company and as a tech geek, I find that hugely exciting,” he said.

He further said that, he sees payment models in India that aligns with his company’s growth ambitions in the country. “One should think about and also see what else Mastercard can do to evolve its business in partnerships with fintech and other companies that are using these technologies here in India,” he said.

There is an amazing drive in India for financial inclusion, with the country’s inclusive digital economy front. “We think that there is going to be 100 million people that will join to form a digital economy in India in the next couple of years,” he noted.

Going further, it is going to be paying in the metaverse, it is going to be paying through voice, it is going to be paying through offline and in areas of the country where you have no GSM coverage or it is not as good as it needs to be. So every bit of technology that is there today is going to give us a huge boost,” the Mastercard CEO explained.

He further said that he believes the question of trust and security is occupies the central role in a digital economy. “The question on cyber security and how do you make sure that these payments remain safe as this becomes one of the largest digital economies in the world, that is a partnership area,” he said.