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Vegapay and YES BANK Collaborate to Launch ‘Credit Line on UPI’

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Vegapay and YES BANK Collaborate to Launch ‘Credit Line on UPI'

Banking software innovator Vegapay has partnered with YES BANK, one of India’s leading private-sector banks, to introduce a groundbreaking ‘Credit Line on UPI’ platform. This initiative aims to revolutionize access to credit in India by leveraging the extensive reach of the Unified Payments Interface (UPI).

Expanding Credit Access with UPI

Despite UPI’s rapid adoption—boasting over 350 million active users and processing 14 billion transactions monthly—formal credit access remains limited. Currently, only 15–20% of Indians have access to credit cards. The ‘Credit Line on UPI’ seeks to address this gap by offering seamless, flexible credit solutions to both new and existing customers.

Features of the Credit Line

Through the platform, YES BANK can customize credit offerings, including:

  • Interest-free or interest-bearing options
  • Flexible EMIs
  • Tailored rules using an intuitive and user-friendly interface

This flexibility is designed to cater to a diverse customer base, allowing users to choose credit solutions that best fit their financial situations.

Industry Potential

With UPI transactions projected to grow by 57% annually through FY 2024 and UPI-linked credit products expected to exceed $50 billion by 2025, this collaboration is set to play a pivotal role in reshaping India’s credit landscape.

Market Growth Insights

Recent data indicates that UPI transactions reached a total value of ₹20.64 trillion in July 2024, reflecting a 45% year-on-year growth. The increasing volume of UPI transactions highlights the potential for integrating credit services directly into this widely used payment method.

Rajan Pental, Executive Director at YES BANK, emphasized the significance of the initiative:

“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.”

Technology-Driven Financial Inclusion

The platform offers a customizable app and an intuitive dashboard, enabling banks to integrate it seamlessly into their existing systems. This efficiency minimizes the data required from customers, streamlining the credit process for both users and institutions.

Gaurav Mittal, CEO of Vegapay, highlighted the platform’s adaptability and scalability:

“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.”

Enhancing User Experience

The integration of credit lines with UPI aims to simplify access to funds, allowing users to make purchases directly using their available credit without the need for separate applications or lengthy approval processes.

Industry Endorsements

Nalin Bansal, Chief of Fintechs at NPCI, praised the initiative:

“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.”

Broader Implications

The collaboration is expected not only to improve access to credit but also to foster greater financial literacy among users as they engage with these new financial products.

Bridging the Credit Divide

By leveraging UPI’s massive reach and advanced technology, Vegapay and YES BANK aim to bridge India’s credit divide, fostering financial inclusion and empowering millions to access formal credit conveniently and efficiently. This initiative aligns with India’s broader goals of enhancing digital payment solutions while ensuring that financial services are accessible to all segments of society.

Conclusion

The introduction of ‘Credit Line on UPI’ marks a significant step towards integrating credit services within one of India’s most popular payment platforms. As Vegapay and YES BANK work together to implement this innovative solution, they are poised to transform how consumers access credit in India, thereby contributing to a more inclusive financial ecosystem.

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Apple to Shift Entire US iPhone Assembly to India by 2026

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Apple is set to relocate all assembly of iPhones destined for the US market from China to India by the end of 2026, marking its biggest manufacturing shift in decades. The move is driven by escalating US-China trade tensions and steep tariffs—up to 145% on Chinese imports—making Chinese assembly increasingly costly for Apple. Although some smartphone imports are temporarily exempt, a 20% duty still applies to Chinese-made iPhones entering the US.

 

India, in contrast, offers a more favorable trade environment, with a paused 26% reciprocal tariff and ongoing negotiations for a bilateral trade deal with the US that could shield Indian exports from future levies. Apple plans to more than double its current iPhone output in India, aiming to assemble over 60 million units annually for the US market. The company already produces about 25% of its global iPhones in India, working with partners like Foxconn, Tata Electronics, and Pegatron.

 

This shift is part of Apple’s broader strategy to diversify its supply chain and reduce reliance on China amid geopolitical risks. However, the transition’s success will depend on how quickly India can scale up its manufacturing capabilities and the outcome of ongoing trade negotiations.


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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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