India's digital lending market represents a $1 trillion opportunity

Photo: Shutterstock
As more customers in India get used to the idea of shopping and transacting online, a large portion of them will also begin seeking credit digitally. Fintechs, banks and even large Internet companies are working frantically to solve problems that stand in the way of disbursing credit quickly, safely and more efficiently. Their efforts are being accelerated through the development of the India Stack, which can be used as an underlying layer to seek a user’s consent, do documentation digitally and make payments online. The Boston Consulting Group estimates that because of these developments, India’s digital lending market represents a $1 trillion (approx  Rs 68 trillion) opportunity in the next five years.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel