Mobikwik's Upasana Taku says fintechs must adapt fast as regulation and cyber threats intensify

Mobikwik co-founder and Chief Financial Officer Upasana Taku, speaking at the 12th SBI Banking & Economics Conclave on Thursday (November 6), said that uncertainty has been a constant feature of India’s fintech landscape, driven by the country’s evolving regulatory environment.

She said fintechs in India face regulation from the early stages of business, unlike other markets where oversight typically follows product maturity. Taku noted that this requires companies to constantly innovate while maintaining agility, risk discipline, and compliance. "Living with uncertainty is part of the muscle now," she said, adding that even leadership teams at fintechs must adapt quickly to change.

Sharing Mobikwik's journey, Taku said the company started as a wallet business before expanding into financial product distribution, requiring multiple licences from regulators such as SEBI, IRDAI, and the RBI. Despite competition from global players with large marketing budgets, she said Mobikwik has become one of the top three fastest-growing UPI apps in the last six months, even while under pressure to achieve profitability.

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On digital currencies, Taku said India's central bank-backed digital rupee is fundamentally different from private cryptocurrencies, being a digital form of cash that can enable peer-to-peer transactions and even offline settlements. She added that early adoption by a few banks and fintechs marks the beginning of a new phase in India’s payments ecosystem.

Discussing artificial intelligence, Taku said Mobikwik is experimenting with voice-based payment technology called “Say to Pay,” which allows users to make payments using speech in multiple Indian languages. She said this can simplify digital payments for users who are not comfortable with English interfaces. The company has also developed AI-based collection bots that improve efficiency by learning customer response patterns.

Taku added that while fintechs have long focused on growth and innovation, risk management and cybersecurity now require more attention. She said that many engineers are using their skills for fraudulent purposes, making cybercrime a significant threat. "We have so many Jamtaras in India. We need to do a lot more to save Indian consumers’ money from those people," she said, calling for greater investment in fraud prevention across the fintech and banking sectors.

Also Read: MobiKwik tightens risk controls, says break-even now within reach