Key Points
The National Payments Corporation of India (NPCI) is working on a Digital Payments Score from which users will have a credit score that will help them in getting retail credit, a senior executive said..
The NPCI will partner with a few lenders and run a pilot to improve the credit identity of Indians soon...
India is an under penetrated market when it comes to retail credit, even when Indian Fintech companies are witnessing substantial growth in loan disbursals..
When it comes to retail penetration, even amongst emerging markets like Colombia and South Africa, the number of people who have a credit score is limited. Underserved and unserved population is very high about 720 million, said Praveena Rai, COO, NPCI...
In the US, even a student will start using a credit card, because they want to build their credit identity so in the future when they go on to buy a house etc, they have a mature score that is available, Rai said.. (You can now subscribe to our Economic Times WhatsApp channel).
