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Fintech startup Navi looks to launch new products; tap credit opportunities around UPI

Economic TimesEconomic Times · 1y ago
Fintech startup Navi looks to launch new products; tap credit opportunities around UPI
Medial

Fintech startup Navi, founded by Sachin Bansal, is planning to update its Unified Payments Interface (UPI)-based payments system and explore opportunities related to credit on UPI. Bansal expressed his interest in changing the way users interact with UPI through new product offerings on Navi. The National Payments Corporation of India allows credit transactions through UPI via RuPay credit cards or pre-sanctioned credit limits. Navi, initially a consumer lending platform, now offers larger personal loans, secured credit options, insurance broking, and asset management services. Despite competition, Google Pay and PhonePe hold a significant share of the UPI payments market.

Finance Minister Nirmala Sitharaman Commends Fintechs For Advancing UPI-Powered QR Code Payments

OutlookIndiaOutlookIndia · 2y ago
Finance Minister Nirmala Sitharaman Commends Fintechs For Advancing UPI-Powered QR Code Payments
Medial

Finance Minister Nirmala Sitharaman praised India's fintech sector for its contributions in serving new-to-credit customers and driving the adoption of UPI-enabled QR code payments. Speaking at the Global Fintech Fest 2023 in Mumbai, she highlighted fintech's role in expanding financial services and noted that fintechs dominate 93% of UPI transaction values. Sitharaman called for global collaboration to address evolving challenges, citing fintech's success in lending, broking, and payments. She emphasized the need for responsible financial ecosystems and advocated for a regulatory framework to address emerging threats, including cryptocurrencies, which are currently unregulated in India.

Pine Labs sees credit line on UPI as India’s next credit growth driver

EntrackrEntrackr · 3m ago
Pine Labs sees credit line on UPI as India’s next credit growth driver
Medial

Pine Labs sees credit line on UPI as India’s next credit growth driver India has 330 million credit-ready consumers but 150–200 million remain underserved, a gap that embedded credit products like CLOU aim to address. Pine Labs’ latest industry report, supported by McKinsey, points to “credit line on UPI” (CLOU) as the big growth driver for credit-linked payments at checkout, as India’s lending landscape undergoes rapid changes. By 2030, the report estimates, credit-linked payment products could generate as much revenue as home and auto loans. The push will be led by UPI’s 65 million QR-enabled merchants and digital-native customer base, with 490 million consumers already on UPI. Despite high awareness among the non-carded base, actual usage of products like BNPL or EMI on debit cards remains low, largely due to discoverability, acceptance, and trust issues. At present, consumers prefer credit options that are easy to access on familiar apps, simple to use, transparent, and widely accepted. CLOU’s pitch is to leverage existing QR infrastructure for small-ticket credit, which unlocks viable lending economics for banks and NBFCs. The product will allow lenders to offer customized propositions, improve risk management through AI-led underwriting, and scale via ecosystem partnerships. The report also flags the need for banks and tech players to invest in configurable, modern tech stacks and develop strong merchant and TPAP (third-party app provider) partnerships for adoption. The report further highlights that the next lending revolution is starting right at the checkout, with new credit products set to change the way Indians shop and borrow.

Rediff.com India receives TPAP licence from NPCI

EntrackrEntrackr · 16d ago
Rediff.com India receives TPAP licence from NPCI
Medial

Rediff.com India receives TPAP licence from NPCI Rediff.com India announced that it has received final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) licence, paving the way for the rollout of its digital payments platform, RediffPay. With this approval, the company has commenced Closed User Group (CUG) testing, an essential step before entering the Unified Payments Interface (UPI) ecosystem. It is also preparing to launch what it claims will be India’s first UPI app built around a financial-wellness, customer-centric proposition, designed to encourage saving, investing, and responsible access to credit. According to the company’s press release, the CUG testing marks its entry into the UPI ecosystem. “It enables us to extend secure, interoperable UPI services through RediffPay and advances our mission to broaden financial inclusion while delivering simple, intuitive digital payment experiences for users across India,” the release said. RediffPay aims to combine traditional UPI features with a broader financial-wellness, customer-centric offering. Beyond standard bill payments, mobile recharges, and cross-app UPI interoperability, the app will promote better financial habits through curated savings and investment products such as equities, mutual funds (MFs), fixed deposits (FDs), recurring deposits (RDs), and similar products, along with pathways to quick credit. The RediffPay platform will also support Credit Line on UPI, expanding access to formal credit, particularly in Tier-2, Tier-3, and smaller towns and cities. The company plans to onboard small, micro, mid-sized, and large merchants across India by offering RediffPay UPI QR-code-enabled point-of-sale (POS) solutions, integrating merchant credit demand into its UPI ecosystem. Rediff.com India is a subsidiary of Infibeam Avenues, which acquired a controlling stake in Rediff in 2024 and has since increased its holding to 82%. The company aims to serve its existing base of 60 million unique Rediff visitors and email users. It will offer localised email services compliant with the DPDP Act and provide multilingual UPI services to reach the next 250 million users in India.

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