Sachin Bansal’s fintech venture Navi is stepping into the world of Unified Payments Interface (UPI) equipped with its latest UPI-based credit solutions. The development could potentially transform how millions of users engage with UPI. It will bring a new dimension to digital payments.
Navi was founded in 2018 as a consumer lending platform and since then has expanded into larger personal loans, home loans, insurance and asset management. The current spotlight is how it plans to integrate credit offerings into the UPI ecosystem.
Bansal recently revealed on X that it is a golden opportunity for the company to reshape the UPI experience by offering small-value credit through the platform. Users can access credit with the same ease and convenience as they enjoy UPI transactions.
The National Payments Corporation of India (NPCI) currently supports two forms of credit transactions through the UPI. One is linking a RuPay credit card to a UPI handle and the other is by using a pre-sanctioned credit limit on UPI. The move of Navi is expected to cater to a vast audience.
The initiative of Navi comes at such a time when UPI is dominated by giants like Google Pay and PhonePe. The two companies collectively hold more than 80% of the market share. The other players include Flipkart, Cred, Groww and Slice.
The push of Navi into UPI credit could potentially shift the dynamics. It may become a key player in the fintech space. It will blend credit with UPI transactions. It is believed to enhance user convenience and also drive more engagement within the UPI network. The move may set new standards for how credit is integrated into everyday financial transactions. It will benefit a massive user base.
