Paisabazaar co-founder and CEO naveen kukraje said, India today stands tall as one of the most exciting markets in the world. We have emerged as one of the fastest-growing economies. In a population of over 140 crore, over 130 crore have a digital identity through Aadhaar, over 100 crore use the Internet, over 60 crore have smartphones and around 30 crore citizens have made digital payments through the world-class infrastructure, established through the UPI. Add to that, 65% of India’s population is under 35 years, making us a young and vibrant country. Globally, it is widely believed that the next decade or two, will belong to India.
The third edition of our credit insights report “Making India Credit Fit” aims to understand and analyse some of the trends leading to this fast-paced growth and identify gaps and disparity that exist. I hope you find this report useful.
Radhika binani chief product officer paisabazaar said, One of the earliest consumer pain-points we saw in our journey at Paisabazaar was the lack of access to credit score, which led to poor awareness and as a result, high rejection rates. To solve this, we decided to build India’s first free credit score program, based on global benchmarks. Our main aim was to raise credit awareness by providing ease of checking and tracking credit score and help build a more inclusive lending ecosystem.
As our economy continues to grow and evolve, we believe this trend will continue, with more and more young Indians utilising credit to achieve their financial goals.