Vegapay partnered with Yes Bank to introduce a revolutionary Credit Line on UPI platform

The sixth-largest private-sector bank in India, Yes Bank, has teamed up with Vegapay, a pioneer in banking software, to launch a ground-breaking "Credit Line on UPI" platform. Through the Unified Payments Interface (UPI), the partnership seeks to increase credit availability throughout India.

Although UPI has revolutionized payments with over 350 million active users and 14 billion monthly transactions, formal credit is still not readily available.

Through an easy-to-use interface, the platform allows YES BANK to customize its credit products, such as interest-free or interest-bearing alternatives, variable EMI structures, and bespoke restrictions.

Vegapay and YES BANK hope to improve financial inclusion and close the credit gap with this collaboration.

Only 15–25% of Indians have access to credit cards at the moment. With the help of UPI's extensive reach, Vegapay's cutting-edge platform offers both new and current bank customers easy credit options.

With its user-friendly dashboard and adaptable software, the platform enables banks to easily incorporate it into their current systems while gathering only the most crucial data. This effectiveness streamlines the credit application procedure for both consumers and lenders.