According to CNBC, fintech companies in India are shifting focus to the country’s underserved credit market after helping drive adoption of digital payments, with industry leaders saying a credit-product rollout through the Unified Payments Interface will be the next major wave of digital transformation. Sameer Nigam, founder and chief executive of Walmart-owned PhonePe, said the credit market offers opportunities more than double the size of the payments market, while BharatPe launched BharatPe Flex, a product that offers users a pre-approved credit line of up to 60,000 rupees for UPI payments across online and offline merchant transactions. In the financial year ended in March, UPI transactions reached 314 trillion rupees ($3.2 trillion), with PhonePe and Google Pay accounting for more than 70% of transactions, according to the National Payments Corporation of India. Paytm was the third-largest UPI transaction platform, while Meta's WhatsApp Pay ranked eighth and Amazon Pay 12th in July data. Amazon Pay chief executive Vikas Bansal said digital credit is a major fintech opportunity and said the company plans to expand friction-free consumer credit across its ecosystem.
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