Beyond the innovation hype: Why the fintech utility player will win the market
By Rohith Reji, CEO, Neokred
The fintech industry loves a good headline. Neobanks promise to ‘kill’ traditional banking. AI models will ‘disrupt’ credit scoring. Blockchain will ‘revolutionize’ settlement. Every few months, a new technology arrives draped in the language of total transformation. Investors pour in money, press coverage flows, and then the novelty fades.
Underneath the noise, a quieter kind of company consistently delivers returns and increasingly commands the market. Call them utility players or the infrastructure builders who make everyone else’s innovation possible. They capture margins, not headlines.
The numbers speak a different tale bigger than the hype
No country demonstrates the utility-player thesis more compellingly than India. The RBI’s payment system report documented a shift with no precedent in any other country. UPI’s share of digital payments stands at 49% globally. Let’s dig into the scale of the financial pipelines India is building. In February 2026 alone, UPI...
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