Why credit on UPI could be India’s most important financial product
By Mehul Mistry, SVP Customer Success, Strategy & Growth, Zeta
India has spent a decade building the world’s most sophisticated payments rail. UPI today processes over 20 billion transactions monthly, connects 500 million consumers, and accounts for nearly half of all real-time payments on the planet. But one gap remains stubbornly unresolved. Over 700 million financially active Indians remain either dormant in the credit system or entirely outside it, not for lack of intent or capacity, but for lack of a product designed to serve them. Solving this is not just a commercial opportunity for banks. It is the logical next chapter of India’s financial inclusion story.
The Credit Gap Is Not a Demand Problem
India’s banked population is approaching 900 million. But look closer and it tells a more complicated story.
Of the 420 million Indians who have some form of credit history, only 55 million hold a credit...
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