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What is the story about?
UPI has transformed India’s economy and the rise of artificial intelligence could change existing categories of work while also creating new ones, Kris Gopalakrishnan, Chairman of Axilor Ventures and Chair of Global Fintech Fest 2026, said on Wednesday (September 9).
Speaking at GFF 2026 in Mumbai, Gopalakrishnan said technological change can alter existing categories of work, but can also create entirely new ones.
“UPI has, without exaggeration, transformed India’s economy,” he said.
On the impact of AI on employment, Gopalakrishnan said, “It is true that some of these technologies can change the categories of work. But it is equally true that it creates new categories.”
He referred to recent data from the United States and said it showed that AI had created more jobs than it had destroyed.
The claim was made in the context of his argument that technology-driven productivity gains can create opportunities beyond the jobs directly affected by automation.
“When productivity improves, economies grow, create more opportunity, more businesses, and in turn, the next generation of jobs,” he said.
Gopalakrishnan said this had been a recurring pattern with major technological shifts, provided the transition was managed carefully.
He said the experience of UPI also highlighted the importance of regulators and industry working together as new technologies are adopted at scale.
“That thoughtfulness is exactly why systems like this matter, and why the presence of regulators and industry in these conversations is so important,” Gopalakrishnan said.
GFF 2026 is being held in Mumbai from September 8 to 11, with Agentic AI, tokenisation and quantum technologies as its three central themes.
The discussion on AI and employment comes as fintech companies explore AI for financial services, including agentic systems that can perform tasks across multiple platforms.
At GFF 2026, BharatPe, for instance, unveiled an AI assistant capable of taking actions across more than 60 live systems.
Speaking at GFF 2026 in Mumbai, Gopalakrishnan said technological change can alter existing categories of work, but can also create entirely new ones.
“UPI has, without exaggeration, transformed India’s economy,” he said.
On the impact of AI on employment, Gopalakrishnan said, “It is true that some of these technologies can change the categories of work. But it is equally true that it creates new categories.”
He referred to recent data from the United States and said it showed that AI had created more jobs than it had destroyed.
The claim was made in the context of his argument that technology-driven productivity gains can create opportunities beyond the jobs directly affected by automation.
“When productivity improves, economies grow, create more opportunity, more businesses, and in turn, the next generation of jobs,” he said.
Gopalakrishnan said this had been a recurring pattern with major technological shifts, provided the transition was managed carefully.
He said the experience of UPI also highlighted the importance of regulators and industry working together as new technologies are adopted at scale.
“That thoughtfulness is exactly why systems like this matter, and why the presence of regulators and industry in these conversations is so important,” Gopalakrishnan said.
GFF 2026 is being held in Mumbai from September 8 to 11, with Agentic AI, tokenisation and quantum technologies as its three central themes.
The discussion on AI and employment comes as fintech companies explore AI for financial services, including agentic systems that can perform tasks across multiple platforms.
At GFF 2026, BharatPe, for instance, unveiled an AI assistant capable of taking actions across more than 60 live systems.
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