Vegapay partners with Yes Bank to launch credit line on UPI platform

Vegapay, a cutting-edge banking software innovator, has partnered with Yes Bank, India's sixth-largest private-sector bank, to introduce a revolutionary ‘Credit Line on UPI’ platform.

The collaboration aims to expand credit access across India using the Unified Payments Interface (UPI).

With over 350 million active users and 14 billion monthly transactions, UPI has transformed payments but has yet to make formal credit widely accessible.

The platform enables YES BANK to tailor credit offerings, including interest-free or interest-bearing options, flexible EMI structures, and custom rules, using an intuitive interface.

Through this partnership, Vegapay and YES BANK seek to bridge the credit divide and enhance financial inclusion.

Bridging India’s credit gap

Currently, only 15-20% of Indians have access to credit cards. Vegapay’s innovative platform leverages UPI’s massive reach to provide seamless credit solutions for new and existing bank customers.

Industry projections indicate that UPI transactions will grow by 57% annually through FY 2024, with UPI-linked credit products potentially exceeding $50 billion by 2025.

Rajan Pental, Executive Director at YES BANK, highlighted the initiative’s significance: “UPI reshaped India’s digital payments, yet extending formal credit remains a challenge."

"YES BANK processes one in every three digital transactions in India. With ‘Credit Line on UPI,’ we aim to lead the charge in building a credit-driven future for millions.”

Cutting-edge technology for financial inclusion

The platform features a customizable app and user-friendly dashboard, allowing banks to integrate it seamlessly into existing systems while collecting only essential information. This efficiency simplifies the credit process for customers and financial institutions alike. 

Gaurav Mittal, Vegapay's CEO, emphasized the platform's scalability and efficiency: “We empower financial institutions to launch a Credit Line on UPI within weeks, enabling swift adaptation to market demands and supporting thousands of transactions per second.”

Nalin Bansal, Chief of Fintechs at NPCI, praised the collaboration: “This partnership sets a new industry standard and exemplifies the transformative potential of UPI for driving financial inclusion. Vegapay and YES BANK’s efforts enhance the credit experience for both existing and new customers.”