Foreign influence increasing over India’s fintech sector: GTRI on Meta’s investment in Cred

Tech giant Meta’s $900-million investment in Cred has raised concerns about growing foreign influence over India’s fintech sector and financial data ecosystem, think tank GTRI said on Tuesday.

It said that the deal gives Meta a foothold in one of the country’s richest repositories of consumer financial-behaviour data, covering credit cards, loans, investments, insurance, and UPI transactions.

PhonePe, Google Pay, and WhatsApp Pay are already linked to Walmart, Google, and Meta, respectively, it added.