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In areas where UPI adoption is high, loans to new credit borrowers have increased by 4%, while loans to subprime borrowers have increased by 8%. As an example of how digital financial records helped lenders better evaluate applicants, the authors pointed out that a 10% increase in UPI transactions resulted in a 7% increase in credit availability.
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. [5] [6] It was founded in December 2015, [7] [2] by Sameer Nigam, Rahul Chari and Burzin Engineer. [8]
UPI payments and digital money lending for merchants: Revenue ₹ 1,029 crore (US$120 million) (FY23) [1] Net income ₹ −941 crore (US$−110 million) (FY23) Parent: Resilient Innovations Private Limited: URL: bharatpe.com: Commercial: Yes: Registration: Required: Current status: Active
In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, [5] and in May 2016 the company began providing small loans to consumers as part of its service. [ 6 ] In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers.
This increase in the use of UPI can be attributed to the ease with which UPI can be plugged in any consumer tech platform and help it add payment as a useful consumer-centric feature. In India, digital payment FinTechs have received the highest amount of funding among all the FinTech sectors as per a report by EY. [ 1 ]
Specifically, 80% indicated turning to credit cards, 65% to buy now, pay later (BNPL), 59% to retail store credit cards and 58% to payday loans to finance AI-recommended gifts this holiday season.
The company further managed 50% and 30% of the total transaction volume generated on the Unified Payments Interface (UPI) and the Immediate Payment Service (IMPS) platforms respectively. [14] That same year, the company's electronic funds transfer (EFT) switch was the recipient of a BFSI Innovation Tribe Award from The Economic Times. [18]
Elon Musk made waves in early 2021 when he announced that Tesla was buying $1.5 billion worth of Bitcoin and accepting the world's most popular cryptocurrency as payment for its vehicles -- yet...