UPI News & Analysis
2 articles
Market Mood
BRICS Payments Systems Explore Cross-Border Links for UPI and Pix
Government-backed payment networks UPI and Pix are investigating partnerships with central banks in other countries to enhance cross-border transactions. These efforts could facilitate international payments and trade among BRICS nations. Collaboration with foreign central banks may improve efficiency and reduce costs for businesses operating in these regions. This development matters for investors as it indicates potential growth in international transaction volumes, which could enhance market stability for involved economies.
Read More: BRICS Payments Systems Explore Cross-Border Links for UPI and Pix
Fintechs Target Credit Market After $3.2 Trillion UPI Success
At the Global Fintech Fest in Mumbai, fintech companies discussed shifting focus from digital payments to the underserved credit market in India. In the financial year ending March, UPI transactions reached 314 trillion rupees ($3.2 trillion), with PhonePe and Google Pay handling over 70% of these. BharatPe recently launched the BharatPe Flex, offering users a pre-approved credit line of up to 60,000 rupees for UPI payments. Currently, only 15% of adults in India have access to formal credit, highlighting a significant market opportunity for fintechs. This potential shift could enhance accessibility to credit for ordinary consumers and businesses in India.
Read More: Fintechs Target Credit Market After $3.2 Trillion UPI Success