Zeta, a provider of next-gen banking technology to financial institutions globally, today announced its partnership with HDFC Bank to power its Credit Line on UPI (CLOU) offerings.
Powered by Zeta's state-of-the-art Digital Credit as a Service (DCaaS) solution, the partnership will empower HDFC Bank to launch innovative credit products on NPCI’s CLOU scheme.
Rajanish Prabhu, Sr Executive Vice President, HDFC Bank, said, “HDFC Bank strongly believes in fintech partnerships that bring together the strengths of both entities. Our association with Zeta includes working together on PayZapp, the Bank’s payment app, the acceptance of which continues to grow at a very rapid pace. We are glad to develop the Credit Line on UPI (CLOU) offering with Zeta enabling our customers to enjoy the benefits of an affordability program combined with the ease of doing an UPI transaction.
The Credit Line on UPI scheme was announced by NPCI late last year, and allows banks to connect pre-approved credit lines directly to the UPI user base. This translates to easier credit access for individuals and businesses while offering banks access to a much wider audience through the established UPI ecosystem. As per Zeta’s estimates, CLOU is expected to grow to a $1Trillion opportunity for banks by 2030.
Ramki Gaddipati, CEO APAC, Global CTO & Co-Founder, Zeta, said, "We are grateful for the trust reposed in us by HDFC Bank for this important initiative. CLoU is a credit superhighway - and our solution is architected to leverage its innovative capabilities across the entire credit distribution lifecycle spanning underwriting, origination, distribution, usage, repayments, collections, and more. And, unlike alternative approaches that rely on bolting on capabilities to an existing UPI switch or an LMS, Zeta’s solution has been carefully engineered ground-up as a UPI-first, mobile-first, and cloud-native credit products ecosystem."