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Vaibhav Gupta
Lifelong Learnerย โขย 1y
UPI's Credit Revolution CIBIL is at the forefront of credit scoring in India, but the potential integration of UPI transaction data could dramatically transform how financial worthiness is evaluated. Imagine financial institutions using insights from declined transactions due to insufficient funds, types of merchants, and transaction locations to make more informed lending decisions. Similarly, insurance companies could analyze spending patternsโlike frequent purchases of cigarettes through UPIโto adjust health-related premiums accordingly. This innovative approach could vastly improve the precision of credit and insurance assessments, but it's still in the early stages and not without its challenges. Chief among these is the issue of data privacy. As we move towards a system that can utilize such detailed personal spending data, the key question remains: Are consumers comfortable with their everyday purchases being closely monitored for financial profiling? What do you think๐ค ๐ค?
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