The Real FinTech War? Winning Credit, Bipin Preet Singh, Co-founder, MD & CEO, MobiKwik

By Puja Sharma

India’s FinTechs are moving beyond payments to build credit-first, compliant ecosystems. With UPI commoditised, the real battleground is now sustainable lending and smart monetisation.

As the Indian FinTech space matures, how do you envision the balance between innovation and regulatory compliance evolving, particularly in credit, lending, and payments?

At MobiKwik, we believe that true compliance goes beyond merely adhering to the letter of the law; it encompasses embracing the spirit of the regulations. This approach is especially crucial in sectors such as credit, lending, and payments, where the stakes are high and trust is paramount.

In our journey, we’ve adopted a proactive stance towards compliance. Whenever we encounter ambiguity in regulatory measures, we don’t hesitate to engage directly with regulators to seek clarity. This open dialogue ensures that we not only understand the rules but also align our operations with the intended objectives of those regulations. As I often say, “If in doubt, don’t give it a go-ahead.” This philosophy reinforces our commitment to safeguarding our business and, more importantly, the interests of our customers.

Furthermore, we recognise that the FinTech landscape is rapidly evolving, and regulators may not always have the bandwidth to oversee every individual entity. To address this, we advocate for the establishment of Self-Regulatory Organisations (SROs). These industry-led bodies can set and enforce standards, ensuring that companies maintain high compliance levels without overburdening regulatory authorities.

At MobiKwik, innovation and compliance go hand in hand. The company’s expansion into digital lending and other financial services is driven by a strong focus on accessible credit solutions, facilitated through partnerships with established financial institutions and platforms, such as the Unified Lending Interface (ULI). This approach ensures that while the company scales its offerings, it continues to uphold rigorous compliance standards.

Reinforcing this commitment, Upasana Taku, Co-founder and CFO of MobiKwik, was recently elected as the Vice-President of the Unified FinTech Forum’s (formerly DLAI) Executive Committee. In this role, she aims to further the agenda of responsible innovation and strengthen regulatory compliance within India’s fast-evolving FinTech ecosystem.

With the UPI ecosystem becoming increasingly commoditised, what is the next frontier for digital payment platforms in terms of differentiation and long-term monetisation?

The next frontier for digital payment platforms lies in building comprehensive financial ecosystems that go beyond basic transactions. As UPI becomes table stakes, differentiation comes through innovative product offerings and seamless user experiences.

Key Differentiation Areas:
• Innovative Payment Solutions: MobiKwik’s Pocket UPI product provides a clutter-free and secure payment experience, eliminating the need to link a bank account. Pocket UPI provides
enhanced security features and streamlined transactions that reduce friction while maintaining safety.
• Credit-First Approach: Our F1rst Card (RuPay credit card) addresses a critical market gap by serving digitally-savvy users who are new to credit. This product combines the convenience of UPI with credit access, creating a unique value proposition in the market.
• Digital Currency Leadership: MobiKwik’s CBDC (Central Bank Digital Currency) integration positions us at the forefront of India’s digital currency evolution. Being early adopters of CBDC technology gives us a significant competitive advantage as this ecosystem develops.

• Embedded Financial Services: Beyond payments, we are integrating credit, insurance, and wealth products directly into user journeys, creating multiple touchpoints for engagement and revenue generation.

Ultimately, long-term monetisation in digital payments will come not from the transaction itself, but from the financial relationships we build around that transaction. That’s the direction in which we’re evolving MobiKwik’s platform.

EMI-based credit and its focus on secured lending suggest a deeper commitment to sustainable credit. How are you balancing customer demand with credit risk and regulatory expectations in this transition?

MobiKwik’s strategic pivot from short-term BNPL to longer-term EMI and secured lending reflects a deliberate, sustainability-first approach to credit. When we launched Zip EMI in partnership with Piramal Finance and Poonawalla Fincorp, offering loans of `50,000- `15 lakh over 6-36 months, we did so to provide customers with more predictable, structured, and hassle-free repayment options tailored to their evolving financial needs.

Simultaneously, we transitioned to secured credit, such as FD-backed credit cards starting at `5,000, in response to the RBI’s increased capital requirements on unsecured loans and to offer lower-risk access to credit for users building financial histories.

Furthermore, by co-lending with regulated NBFCs under the First Loss Default Guarantee (FLDG) framework, we ensure full compliance with KYC, AML, and RBI guidelines. Our partners underwrite and hold assets on their books, while we provide distribution and technology capabilities. In this way, we’re striking a careful balance: delivering products customers want, managing credit risk tightly, and embedding regulatory adherence in every step.

Your recent launch of the Rupay Credit Card marks a strategic shift towards mainstream credit infrastructure. How does this product align with MobiKwik’s vision of becoming a fullstack digital financial services provider?

When we launched the co-branded RuPay credit card—our “F1rst Card” in partnership with SBM Bank and NPCI, we took a deliberate leap from being a payments-only player to a comprehensive financial platform. This isn’t merely another lending product; it’s a strategic bridge connecting our robust UPI ecosystem, wallet capabilities, and financial services under one roof. With this card, we are creating flexible, everyday credit access that is available on UPI and across the RuPay network while also rewarding users for their loyalty.

In a crowded FinTech market with players expanding aggressively, what is MobiKwik’s unique value proposition today—and how do you plan to scale it responsibly post-IPO?

MobiKwik’s unique value proposition lies in our differentiated, fullstack financial platform built on four foundational pillars: payments, credit, savings, and merchant services. We serve over 176 million users and 4.5 million merchants through an integrated platform that transforms everyday transactions into comprehensive financial opportunities. Our competitive edge comes from innovative products that address specific market gaps:

• Pocket UPI: Clutter-free, secure payment experience with enhanced safety features
• F1rst Card (RuPay Credit Card): Targets digitally-savvy, new to credit users with seamless UPI-credit integration
• CBDC Integration: Early adoption positioning us at the forefront of India’s digital currency evolution
• Lens.ai: Advanced analytics and AI/ML capabilities for personalised financial solutions

The MobiKwik platform offering enable seamless cross-selling at remarkably low acquisition costs with strong unit economics. Among peers, we maintain the fastest revenue growth while achieving the lowest cash burn, demonstrating both growth momentum and financial discipline.

Post-IPO, our strategy centres on scaling responsibly and sustainably. We’re strategically deploying IPO proceeds and available capital into key growth areas including payment infrastructure, advanced analytics, AI/ML, and product innovation, while maintaining carefully controlling fixed costs.