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Zeta launches new stack for banks to power credit transactions on UPI

Economic Times

Economic Times · 1y ago

Zeta launches new stack for banks to power credit transactions on UPI

Fintech startup Zeta has introduced a new technology stack to support credit line-based transactions on the Unified Payments Interface (UPI). The company aims to process 50% of the anticipated trillion-dollar credit disbursals on UPI by 2030. As a technology service provider, Zeta plans to collaborate with major banks to enable consumer loans, personal loans, and EMI loans on UPI. With $340 million in equity funding from investors including SoftBank and Mastercard, Zeta is on track to achieve global break-even soon. The company already powers HDFC Bank's PayZapp mobile app and has worked with lenders in the US and other countries.

Related News

Zeta turns focus back to India for credit on UPI service: CEO Turakhia

Livemint

Livemint · 12m ago

Zeta turns focus back to India for credit on UPI service: CEO Turakhia

Bengaluru-based banking technology startup Zeta is refocusing its growth efforts on India after an aggressive expansion into 30 countries. Zeta plans to prioritize its digital credit-as-a-service product, enabling financial institutions to offer credit lines on the Unified Payments Interface (UPI). The company aims to onboard banks approved by the National Payments Corporation of India and the Reserve Bank of India. Zeta reported a nearly 33% increase in operating revenue in FY23 and plans to capture about half of the estimated $1 trillion transaction volumes on its credit on UPI scheme by 2030.

Rupay credit card payments through UPI hits the MDR speedbreaker

Money Control

Money Control · 1y ago

Rupay credit card payments through UPI hits the MDR speedbreaker

Rupay credit card transactions on UPI have increased from Rs 50-60 crore daily in May to Rs 100 crore daily in October, with Rupay's share of new credit card issuances growing to 25%. However, around 15-20% of merchants have requested their banks to disable Rupay credit card payments on UPI due to the higher merchant discount rate (MDR). The fear of lower or zero MDR for Rupay credit cards on UPI has led to a scramble among banks to distribute more Rupay credit cards to safeguard their interchange fees.

UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck

Economic Times

Economic Times · 3m ago

UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck

The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

Inc42 · 1y ago

NPCI Planning Lower Interchange Fee To Boost Credit Use On UPI

The National Payments Corporation of India (NPCI) is considering a lower interchange fee for credit lines on the Unified Payment Interface (UPI) in an effort to promote their adoption. The current interchange fee for credit card transactions is around 1.8%-2%, but the NPCI is exploring a fee ranging between 1%-1.2% for credit lines on UPI. Banks and fintech apps like Paytm and Google Pay are ready to offer credit lines on UPI, but are waiting for clarity on the interchange fee. The RBI approved credit lines on UPI in September 2020.

20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments - The Economic Times

Economic Times

Economic Times · 1m ago

20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments - The Economic Times

Several banks offer UPI RuPay credit cards that combine the convenience of UPI payments with credit card rewards. These cards provide benefits like cashback, reward points, and airport lounge access. Users can link these cards to UPI apps easily. The article details various options, such as Axis Fibe and IndusInd Platinum, highlighting different reward structures and fees. UPI RuPay credit cards enhance everyday transactions by earning users rewards for using UPI payments.

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

Inc42 · 1y ago

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

The Reserve Bank of India (RBI) has expanded the scope of UPI to include pre-approved credit lines, called 'Credit Line on UPI'. This allows consumers and merchants on the PhonePe Payment Gateway to offer an additional payment option at checkout. UPI transactions saw a 3.95% month-on-month increase in July.

RBI to allow small finance banks to extend credit lines through UPI

YourStory

YourStory · 8m ago

RBI to allow small finance banks to extend credit lines through UPI

The Reserve Bank of India (RBI) has proposed allowing small finance banks (SFBs) to extend pre-sanctioned credit lines through the Unified Payments Interface (UPI). UPI is a real-time payment system developed for mobile transactions. This move aims to make low-ticket, low-tenor products accessible to new-to-credit customers. SFBs, with their high-tech, low-cost model, can play a crucial role in expanding the reach of credit on UPI, according to RBI Governor Shaktikanta Das. The RBI also plans to launch podcasts as part of its efforts to increase transparency and disseminate information to the public.

As RBI forces bigwig issuers to rein in credit cards, lenders turn wary of plastic

Money Control

Money Control · 1y ago

As RBI forces bigwig issuers to rein in credit cards, lenders turn wary of plastic

In May, there was a moderation in the growth of credit card issuance and spends in India. The Reserve Bank of India has imposed bans on credit card issuance as a penalty on select banks in recent months. Banks have become more cautious as the growth in credit card spends has shown a decline. However, the volume of card swipes for smaller transactions remains high. The integration of UPI and credit cards may have contributed to this volume.

UPI integration gives a fillip to RuPay credit cards distribution

Economic Times

Economic Times · 1y ago

UPI integration gives a fillip to RuPay credit cards distribution

Around 30% of new credit cards in India are now issued on the RuPay network, following the linking of Unified Payments Interface (UPI) with RuPay credit cards. Prior to this integration, RuPay cards accounted for only 5% of new credit card issuances. Large banks are actively issuing RuPay credit cards to meet customer demand, including co-branded cards running on the RuPay platform. However, transaction growth has not kept pace with card issuance. Some banks are concerned about losing credit card customers to popular UPI payment applications, which may cross-sell additional financial products to customers.

NPCI ups RuPay credit card play against rivals - The Economic Times

Economic Times

Economic Times · 1m ago

NPCI ups RuPay credit card play against rivals - The Economic Times

The National Payments Corporation of India (NPCI) is incentivizing banks to promote RuPay credit cards, challenging the Visa-Mastercard duopoly. This strategic shift includes financial incentives to banks from fees collected on credit card transactions. The move is supported by the increased popularity of RuPay cards since the RBI allowed linking with UPI payments. This initiative aims to capture a larger share of India's credit card market and boost domestic payment methods.

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