Fintechs Target Credit Market After $3.2 Trillion UPI Success
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowAt the Global Fintech Fest in Mumbai, fintech companies discussed shifting focus from digital payments to the underserved credit market in India. In the financial year ending March, UPI transactions reached 314 trillion rupees ($3.2 trillion), with PhonePe and Google Pay handling over 70% of these. BharatPe recently launched the BharatPe Flex, offering users a pre-approved credit line of up to 60,000 rupees for UPI payments. Currently, only 15% of adults in India have access to formal credit, highlighting a significant market opportunity for fintechs. This potential shift could enhance accessibility to credit for ordinary consumers and businesses in India.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
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