BharatPe's Shashvat Nakrani calls UPI a 'revolution', says future lies in credit-based transactions

Mumbai (Maharashtra) [India], October 7 (ANI): Shashvat Nakrani, co-founder of BharatPe, on Tuesday lauded India's Unified Payments Interface (UPI) as a transformative force in the fintech space.

Speaking to ANI at a Global Fintech Festival event in Mumbai, Nakrani highlighted how UPI has not only digitised small merchants but also drawn attention from developed economies globally.

“UPI has become nothing short of a revolution in this country, and any developed economies are really looking at India and this model to implement in their country,” Nakrani said.

Looking ahead, he noted the shift from debit to credit-based transactions within the UPI ecosystem.

“Right now UPI is mostly debit transactions. So now we have started coming in with credit card on UPI, credit line on UPI. So the entire thing will move towards credit transaction as well and that's going to be the future where people will be having access to credit and will be able to use it for the day-to-day payments.”

On the business front, Nakrani pointed out key operational challenges for fintechs like BharatPe. “In our kind of business the key challenge remains operational in nature so we need to go from merchant from shop to shop to sell our products and it's really a distribution heavy business,” he said, adding, “the other is the regulatory environment there has been a lot of clarity.”

Reflecting on the evolution of India’s fintech ecosystem over the past five years, Nakrani said, “Coming here five years ago when we were also a smaller company and there was all the discussion about how UPI will make the future of India and stuff like that and today we are witnessing it and this has become like such a massive festival of fintech globally not just in India. So we really excited to be here, spend all three days and meeting all the the great people from around the world.” (ANI)