Mumbai, August 29, 2024 – Falcon, a leading innovator in banking technology, unveiled its 'Credit Line on UPI' platform at the Global Fintech Fest 2024, offering banks a powerful platform to rapidly launch innovative credit products, in 4-6 weeks. The modern stack supports secured, unsecured, interest free, interest bearing, and EMI-based products, enabling banks to maximize revenue through offerings tailored to various customer segments and their demands.
UPI recently hit a significant milestone of crossing 100 billion transactions in FY24, showcasing its widespread adoption and potential for integrating credit solutions. Leveraging UPI for credit lines could bring over 200 million Indians into the formal credit economy. This combination of reach and accessibility makes Credit Line on UPI a game-changer in the financial landscape. However, traditional credit card, core banking, and lending systems have long posed challenges for banks, particularly due to the high costs and inefficiencies associated with legacy infrastructure. These systems often struggle to scale and adapt to the rapidly changing financial landscape, making it difficult for banks to offer targeted and cost-effective credit solutions to their customers.Falcon’s Credit Line on UPI directly tackles these challenges, offering a modern, scalable solution that significantly lowers operational costs while enhancing efficiency and flexibility. By leveraging the widely adopted UPI platform, Falcon enables banks to provide credit more affordably than ever before. Furthermore, Falcon’s solution is designed to future proof banking operations by integrating the functionalities of both credit and lending systems. This cost-effective, dual capability allows banks to swiftly launch purpose-built products, enhancing customer satisfaction, boosting Net Promoter Scores (NPS), and driving revenue growth—without the burden of high infrastructure expenses.
“At Falcon, we’ve designed a robust 'Credit Line on UPI' platform to offer customers a range of product variants that cater to their individual lifestyles and financial needs,” said Balaji Sundeep, Vice President of Product at Falcon. "Whether it's the convenience of sachet credit for short-term needs, the simplicity of easy installment repayments, or the control provided by flexible billing and purpose-driven credit for larger, category-specific expenses, our solution empowers customers to choose what best fits their financial situation.
Falcon's Credit Line on UPI stack equips banks to not only meet current market needs but also create unprecedented credit products, ensuring that every Indian has access to the credit they deserve. About FalconFounded by serial entrepreneur Prabhtej Bhatia, Yale alum Priyanka Kanwar, and veteran banker Chinmaya Desai, Falcon is a cloud-native, AI-first banking technology platform that helps banks and lenders quickly and affordably launch next-gen financial products, such as credit cards, credit lines on UPI, prepaid cards, fixed deposits, and loans. The company has processed over $1 billion in transaction volume, works with a dozen of India’s top banks & FIs, has raised funding from marquee investors across India, Singapore, and the United States, and continues to lead the industry with its innovations. Falcon’s management team includes seasoned professionals from companies such as Zeta, Razorpay, Mahindra Comviva, FIS, Worldline, and NPCI.Moneycontrol Journalists were not involved in the creation of the article.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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