UPI enabled significant expansion of credit among underserved borrowers: Study

New Delhi, Dec 7 (PTI) Unified Payments Interface (UPI) has brought in a significant expansion of consumer credit among the underserved borrowers who had no credit history, a study said.

Since its launch in 2016, the Unified Payments Interface (UPI) has transformed financial access in India, enabling 300 million individuals and 50 million merchants to perform seamless digital transactions.

By October 2023, 75 per cent of all retail digital payments in India were through UPI, according to a study titled Open Banking and Digital Payments: Implications for Credit Access.