The credit card and lending market in India is poised for transformative growth, driven by innovations like credit on UPI and new customer value propositions through co-brand partnerships.
Despite a promising outlook, banks face significant challenges in launching and driving credit card programs due to outdated and costly credit card management systems (CCMS) - built by legacy platforms that dominate the market but require large upfront investments, lengthy implementation times, and high ongoing costs.
This creates a major barrier for mid and small banks, preventing them from entering the credit card market and innovating in lending and UPI services. Even established banks struggle to compete due to the inflexible, outdated technology.
Our conversations with banks and system integrators reveal deep frustration, highlighting a critical issue in the financial sector: the prohibitive technical barriers stifling competition and innovation in card programs, lending, and UPI innovation in India.
At Vegapay, we believe in the power of technology to transform financial services.
Our mission is to empower financial institutions with necessary software and tools to deliver personalized banking experiences. We strive to make financial innovation a reality for every institution regardless of size, through our flexible, scalable, and rapid deployment platform.
CEO
Ex- Zeta, MasterCard, Amex
MBA, Mumbai University
Head of Technology
Ex- Amazon, DE Shaw
IIT Kanpur (2007 - 2011)
Head of Engineering
Ex- Podeum, WalmartLabs
IIT Roorkee (2008 - 12)
Head of Product
Ex- BharatPe, Avail Finance
IIT Roorkee (2011-15)
-Gaurav Mittal, CEO
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