Fintech startup Navi to unveil new products; tap UPI-based credit opportunities

Sachin Bansal founded fintech startup Navi is working on updating its Unified Payments Interface-based payments offering and could be looking at the opportunity around credit on UPI.

Bansal took to social media platform X (formerly Twitter), on Friday, to discuss the possibilities around small-value credit disbursal through the UPI network and said that he would like to change how users engage with UPI through new product offerings on Navi.

The National Payments Corporation of India (NPCI) allows two types of credit transactions through UPI. One is via a RuPay credit card which can be linked to a consumer’s UPI handle, and the other is through a pre-sanctioned credit limit on UPI.


Navi was founded by Bansal in 2018 primarily as a consumer lending platform. It has now ventured into larger ticket-size personal loans, secured credit offerings like home loans and other financial services like insurance broking and asset management.

In June, Navi clocked 35.7 million UPI transactions settling around Rs 1,769 crore. ET wrote in August last year that Navi completed its integrations with NPCI to launch UPI payments.

Flipkart, Cred, Groww, and Slice are the other consumer-facing applications that went live with UPI payments over the last two years. Despite more than 70 applications working on UPI, Google Pay and PhonePe still command more than 80% of the UPI payments market.