- The future of fintech is not just about financial products
- In good financial habits
- Abhishek Gandhi's opinion of Phatak Pay
Fintech Industry: It would no longer be fair to say that India is an underserved market when it comes to fintech products and services. In the fintech ecosystem, payments and lending businesses can account for a large share of industry revenue. UPI has transformed the Indian payments ecosystem with 55.49 crore users by June 2026, while the digital lending sector has grown from ₹0.15 lakh crore to ₹2.2 lakh crore in the last 5 years. (Fintech Industry)
Share Market Crash : Indian stock market crashed again! HDFC Bank share rush; Nifty below 22400
I've seen more engagement from fintechs and their customers. This gives us a unique opportunity to improve our customers' ability to make financial decisions while also improving their long-term financial flexibility. For India's fintechs, the hard part is now helping people develop responsible credit habits.
Adopt good financial habits
India's relationship with the formal financial system is maturing. Formal retail credit access has grown significantly over the past decade, with the share of consumers accessing formal credit increasing from 35% in March 2017 to 74% in March 2026. At the same time, the share of credit-active consumers has doubled from 11% to 28%. It symbolizes deep investment with formal financing. But with more convenience comes more responsibility. This is particularly relevant; Because young consumers enter the formal credit ecosystem.
What about TransUnion CIBIL report?
A recent report by TransUnion CIBIL found that 50% of new-credit-card customers were aged 30 or below by March 2026, while 46% came from semi-urban and rural markets. I myself have spent the last few years watching people get credit for the first time. Access is the easy part, I learned. Many new customers do not know the difference between the EMI and the total amount they will repay. They want clarity on how such products fit into their financial lives.
Borrowers need to understand why they are taking out the loan, what the repayment commitment entails and whether the product is suitable for their situation. Similarly, payment platform transactions go beyond helping consumers become more aware of their spending patterns for convenience.
High volume versus economical use
Availability of credit is very important for a market like India. However, as India's financial ecosystem matures, fintechs need to leverage technology to make financial decisions easier to understand. Clear information about fees, repayment schedules, eligibility and responsibilities can often be more valuable than adding another feature to an app. The aim should be to use technology to make financial choices easier, more transparent and informed.
Fintech should discourage borrowers from recklessly accessing and using credit. Just because a consumer receives a financial product does not necessarily mean that the product is contributing to their financial well-being. We know that such services are not free! Every time we ask a customer to take out a small loan, that money is not what we earned today. But a customer who repays comfortably comes back for credit. But one who does not repay does not revert to this option. Fintech companies therefore need to make financial participation more meaningful and sustainable.
When creating products for people
People, rather than technology, need to be the axis around which fintech revolves, moving forward. Their products, platforms and solutions must meet customer needs in a way that benefits customers. The future of fintech will be more focused on creating better financial experiences rather than financial products.
Towards becoming a long-term financial partner
Fintech companies operating according to these principles can move from being transaction platforms to becoming long-term financial partners. Through the trio of UPI, India Stack and JAM (Jan Dhan-Aadhaar-Mobile), India has demonstrated how technology can transform access to financial services. The next opportunity is to use the same innovation to change financial behavior and confidence.
For this I suggest that success should not be measured only by users, transactions or delivery. Going forward, it should also be measured by the quality of relationships we build, the trust we gain and the healthy financial habits we enable.
4 major updates before the 24th installment of PM Kisan Yojana! Farmers, do 'these' works immediately!