Consumer credit in India is growing rapidly, but it is not reaching everyone. The industry primarily caters to affluent urban professionals. However, there is a push to broaden access and make growth more sustainable. The cost of adding new borrowers is a concern for lenders, especially for lower-income earners. One solution being explored is using India's smartphone-based payment protocol, Unified Payments Interface (UPI), to offer credit. This would reduce costs and allow lenders to serve a wider group of borrowers.
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