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Key Points

Mastercard's top India executive Gautam Aggarwal believes UPI, cards, and cash will all continue to have their place in the payment ecosystem. He emphasized that different payment methods serve various consumer needs and convenience preferences. The company has made significant investments in Indian fintech startups over the past decade. Mastercard also announced a new collaboration with PhonePe to enhance secure payment options for merchants.

Key Points: Mastercard's Gautam Aggarwal Says UPI Cards Cash Will Coexist

  • Mastercard has invested in 10-11 Indian companies including Razorpay and Pine Labs
  • India remains crucial market with 10,000 employees and global development work
  • PhonePe partners with Mastercard to launch Device Tokenization solution at GFF 2025
  • Global Fintech Fest evolved from emerging platform to global fintech showcase
  • Different payment rails serve various consumer convenience needs
  • Mastercard maintains selective minority investments aligned with business goals
2 min read

UPI, cards, cash will coexist in evolving payment landscape: Mastercard's Gautam Aggarwal

Mastercard's Gautam Aggarwal predicts UPI, cards, and cash will coexist in India's payment landscape, each serving different consumer needs and preferences.

"UPI will continue to remain in the system. Cards will remain in the system. They will all coexist. - Gautam Aggarwal"

Mumbai, October 8

Gautam Aggarwal, Division President, South Asia, and Country Corporate Officer, India, on Wednesday said that in a rapidly evolving payments landscape, UPI, cards, and even cash will continue to coexist, each serving different consumer needs.

"The way I look at UPI and Mastercard sort of coexisting, card rails and payment rails outside of cards have a role to play. They all have a different role to play. Cash can continue to remain in the system. UPI will continue to remain in the system. Cards will remain in the system. They will all coexist. The users will find which is the payment rail that is most convenient to them," Aggarwal told ANI on the sidelines of Global Fintech Fest (GFF)2025 in Mumbai.

"We've been in this country for 40 years... India is a very important market for us. We have roughly 10,000 people in this country. We're doing a lot of development in India for the world," he added.

On the investment front, Aggarwal pointed to Mastercard's early role in supporting fintech success stories.

"We were one of the early investors in Razorpay almost 10, 11 years ago. Then we did a stake in Pine Labs maybe three, four years ago. There were a few others, Mu Sigma and others along the way... We've probably invested in about 10-11 companies in India alone."

He noted that these investments were made both directly and through the Mastercard Start Path Program, and are "selective in minority investments" that align with the company's broader business goals.

Regarding GFF, Aggarwal remarked that it has evolved from "an emerging platform that was showing the role of India to the entire world" to one that now allows smaller fintechs to "show to the world how it is done."

PhonePe Payment Gateway (PhonePe PG) has announced a strategic collaboration with Mastercard, a global technology company in the payments industry, to launch its Device Tokenization solution.

Announced at the Global Fintech Fest (GFF) 2025, the initiative brings Mastercard's network tokenisation capability to PhonePe PG's merchant platform, expanding secure payment options for online businesses.

- ANI

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Reader Comments

R
Rohit P
Mastercard has been investing in Indian fintech for years - Razorpay, Pine Labs. Good to see global companies supporting our startup ecosystem. This collaboration with PhonePe will benefit small merchants too.
A
Ananya R
While I appreciate the coexistence theory, I wish Mastercard and other card companies would reduce their merchant fees. Small businesses struggle with these charges. UPI's zero MDR is much more merchant-friendly.
D
David E
As someone who travels frequently between India and US, I can see how each payment method has its place. UPI is revolutionary for peer-to-peer, while cards are essential for international travel. Smart approach by Mastercard to recognize this.
K
Kavya N
Tokenization with PhonePe is a great security move! With increasing digital payments, we need more such safety features. Hope this becomes standard across all payment platforms soon. 🔒
V
Vikram M
Global Fintech Fest becoming a platform for smaller Indian fintechs to showcase their innovations is fantastic. India's digital payment story is inspiring the world! 🇮🇳

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