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Big banks like HDFC, Axis offer to process more credit lines on UPI
After much delay, high street lenders like Axis Bank, HDFC Bank and Kotak Mahindra Bank are opening up to processing more credit payments via the Unified Payments Interface (UPI).
While banks have already started pushing RuPay credit cards to their customers to encourage credit transactions on UPI, some of the large lenders are finally opening up to going live with ‘credit lines on UPI' as well.
The National Payments Corporation of India (NPCI), which manages the UPI platform, launched the product in September 2023, but found no takers for two years. Recently Karnataka Bank and Suryoday Small Finance Bank became the first two lenders to start offering credit lines on UPI, in partnership with Navi and Paytm, respectively.
Now Axis Bank and HDFC Bank are set to launch the product in partnership with fintech startups, people in the know told ET. Startups like Navi, Super.Money and SalarySe will partner with these lenders to offer this product, they said.
Also Read: As credit cards gain traction on UPI, merchants grapple with new charges
HDFC Bank did not respond to emailed queries. Axis Bank declined to comment.
Kotak Mahindra Bank said it recently partnered with Super.Money for its Kotak811 accounts where it is also offering a fixed deposit-backed credit card. It did not offer any specific comments on the UPI-based credit line.
Large banks did not want to launch the product without getting clarity on interest rates, how they will be charged and what will be the interest-free period for the customer, said one of the persons quoted above.
“They have received clarification from the central bank and the NPCI, hence they are opening up to launching credit lines now,” said the founder of a UPI payment app on the condition of anonymity.
Banks will partner with UPI apps for this service who will be onboarding the customer and doing the first level of checks before offering this line of credit, he added.
According to industry estimates, around 300,000 to 400,000 customers would have been issued such credit lines already.
“The transaction numbers are very low compared to normal UPI payments, but it is growing at a rapid clip,” said another top executive at a New Delhi-based payment application.
Banks are looking at the product as a means to attract new-to-bank customers by offering small-ticket loans. This will allow banks to reach out to new customers and acquire good customers who repay these loans on time, said the fintech executive cited above.
While the industry is looking at credit transactions to drive the next round of growth on UPI, lenders are also cautious about a credit bubble getting built in this space.
“For such small-ticket-size loans, recovery will be very tough, so banks have to be careful before going all out on such products, especially given the UPI is so widely used across multiple customer segments,” said a banker with a private sector lender.
Overall, the success of RuPay credit cards and their wide adoption on the UPI has also pushed lenders to hop onto the credit-based UPI payments bandwagon.
“If a normal credit card shows five swipes per month, a RuPay credit card is getting used 30-35 times per month, that is the opportunity of credit products on the UPI,” said the founder cited earlier.
Source: EconomicTimes
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