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Mint
27-06-2025
- Business
- Mint
Credit card: What it is, how it works, and what to check before applying
In today's rapidly changing era, credit cards are a necessity and a cornerstone of financial flexibility. They act as a revolving line of credit and these credit cards permit users to make purchases, pay bills and withdraw cash up to a pre approved limit. Due to the seamless and smooth nature of credit card usage, their popularity is rising. This is primarily driven by the cashless economy and the need for quick access to funds. The credit card count in the country has more than doubled in five years, while debit card growth remained modest. Digital payments surged 94-fold since 2013, showcasing the country's rapid fintech transformation and UPI-led expansion. Therefore, as more people embrace digital finance tools for the first time, credit cards are becoming a key part of this shift, especially for those seeking convenience, flexibility, and credit-building opportunities as first time users. Highlighting this trend, Anup Agarwal, Co-founder at Kiwi, said, 'For first-time users, a RuPay credit card on UPI is a great way to start their credit journey. It allows convenient payments at local stores while offering the benefits of credit. Using it for regular expenses and repaying on time can help build a strong credit profile.' A credit card is a plastic or virtual payment tool which is issued by a banking institution or NBFCs. It permits users to borrow money for purchasing goods or services. It includes a preset spending limit, interest terms, and a billing cycle. A credit card permits users to borrow from a bank for purchases, to be repaid within a set period. Each card has a credit limit. Paying the full bill by the due date can help avoid interest, but carrying a balance attracts charges. Credit cards are widely used for online shopping, travel, and bill payments in the nation. As a prudent and well informed aspirational user of a credit card you should check your eligibility before applying. Most credit card issuers require elements such as a minimum age, income level, credit score along with clean repayment history to permit you to use their credit card. Your credit score plays a vital role in approval and credit limit. A good credit score i.e., a score of over 750+ generally helps applicants get better terms. That is why you should always review your credit report for mistakes and errors before submitting an application for a new credit card. Understand the fees: Credit cards may include joining fees, annual charges, hidden amounts and penalties. Some issuers waive initial charges, but check the terms carefully. If in doubt, carefully discuss with the customer support team of the credit card issuing authority and resolve your doubts. Credit cards may include joining fees, annual charges, hidden amounts and penalties. Some issuers waive initial charges, but check the terms carefully. If in doubt, carefully discuss with the customer support team of the credit card issuing authority and resolve your doubts. Choose the right card: Pick a credit card that suits your spending pattern, be it cashback, travel, or shopping rewards. Your credit card should go as per your monthly income and should not be a burden for you. It should provide peace of mind to you while you carry it in day to day life. Pick a credit card that suits your spending pattern, be it cashback, travel, or shopping rewards. Your credit card should go as per your monthly income and should not be a burden for you. It should provide peace of mind to you while you carry it in day to day life. Avoid multiple applications: Too many applications can hurt your credit score. Apply only for the most suitable card. Do not rush with more than one application preferably in three to six months. So that you can keep your credit profile blemish free. Too many applications can hurt your credit score. Apply only for the most suitable card. Do not rush with more than one application preferably in three to six months. So that you can keep your credit profile blemish free. Plan repayments: Always pay your credit card bills, EMIs along with other essential credit payments in full and on time to avoid interest and build a good credit history. Do set auto debit to ensure you never miss any payments. Always pay your credit card bills, EMIs along with other essential credit payments in full and on time to avoid interest and build a good credit history. Do set auto debit to ensure you never miss any payments. Track spending: Use your bank application to monitor spending. Set limits and alerts to avoid overspending. Setting a limit on your credit card will also prevent you from serious financial frauds and keep your monthly expenses in check. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Mint
18-06-2025
- Business
- Mint
Nirmala Sitharaman urges fintechs to tap rural markets, strengthen cybersecurity
Finance Minister Nirmala Sitharaman on Wednesday urged the fintech industry to shift its focus beyond urban markets and lead the next wave of innovation in rural and agricultural sectors, calling it both a business opportunity and a developmental imperative. Speaking at the Digital Payments Awards 2025, Sitharaman called for a sharper push to integrate micro, small, and medium enterprises (MSMEs) with account aggregator frameworks and emphasized the need for tailored financial products for farmers and rural consumers. 'Every fintech firm should view rural India as a fertile ground, not just as a social responsibility, but as an opportunity to create new markets,' she said, adding that consumer demand in rural areas has shown strong and sustained revival. Drawing parallels with the fast-moving consumer goods sector, the minister highlighted how deep rural penetration has become a core growth strategy for many leading brands, a model she said fintech should replicate. Sitharaman also flagged key risks looming over India's expanding digital economy, urging startups and payment firms to invest more aggressively in digital literacy and cybersecurity. 'Literacy has to be improved upon. Cybersecurity is a case in which I had interaction with a few startups and fintech companies,' she said, warning against growing threats such as deepfakes and digital fraud. 'We need a set of fintech companies which are constantly working on giving solutions for the newer challenges which are arising,' she added. The minister recounted recent discussions with startups and fintech leaders, underlining the importance of ensuring that ordinary users are not 'digitally arrested at home' by malicious actors or deceptive platforms. Financial services secretary M. Nagaraju outlined the next phase of India's digital payments journey, stressing the need to deepen adoption across sectors and geographies, particularly in underserved regions. 'Our priorities must include deepening digital payment adoption across sectors and geographies,' Nagaraj said at the event. At the same time, we must strengthen cybersecurity and fraud prevention frameworks, and promote digital and financial literacy at the grassroots, he added. The remarks come as India's UPI-led digital payments infrastructure, hailed globally for its scale and efficiency, enters a new chapter of expansion, pushing beyond urban centres and into rural economies. In March 2024, the Union cabinet approved a ₹ 1,500 crore incentive scheme to promote small-ticket transactions on the BHIM-UPI platform, particularly among small merchants to spur usage in semi-urban and rural India, by expanding infrastructure through tools such as UPI 123PAY for feature phones. It has also rolled out newer solutions like UPI Lite and LiteX for faster and more reliable payments in low-connectivity environments. Lauding the role of digital companies in the cashless transition, Nagaraj said their contributions were about more than just facilitating transactions. 'Your work is not just about enabling payments, it is about enabling possibilities,' he said. 'You are helping build a financial system that is more modern, inclusive, and globally admired," he added. In recent years, India has emerged as a global leader in digital payments, with monthly UPI transactions crossing 14 billion in 2025. However, challenges remain, particularly around digital literacy, user safety, and ecosystem resilience.
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Business Standard
12-06-2025
- Business
- Business Standard
PayNearby plans to add 500K retailers, hire 300-400 people by March 2026
PayNearby has lined up an investment of $50-60 million over the next three years through internal accruals to scale its offerings and deepen its market presence Press Trust of India Mumbai Branchless banking and digital network PayNearby on Thursday said it plans to expand its national footprint by adding 5 lakh retailers over the next two years. The company also plans to hire an additional 300 to 400 team members by March 2026 to support the next phase of growth, PayNearby Founder, MD and CEO, Anand Kumar Bajaj said. The fintech firm employs more than 850 people as of March 31, 2025. "The company is focusing on strengthening platform capabilities, expanding reach, and accelerating UPI-led adoption aimed at onboarding 500 million users across India," Bajaj said. PayNearby plans to further expand its national footprint by adding 5 lakh retailers over the next two years, the official said. "Our growth plan remains centred on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country," Bajaj said. On financial performance, he said the company has recorded 12 consecutive quarters of profitability, underscoring a sustained period of strong performance. In FY25, the company reported an EBITDA of Rs 17 crore, with profit momentum accelerating in the last four quarters, he added. PayNearby has lined up an investment of $50-60 million over the next three years through internal accruals to scale its offerings and deepen its market presence. "We aim to onboard the next 500 million citizens through our distribution-as-a-service (DaaS) model. This will be achieved by deepening our presence in semi-urban and rural markets and scaling our UPI offering to the last mile," he added. PayNearby operates on a B2B2C model and partners with neighbourhood retail stores to enable them with tools to provide digital and financial services to local communities. It claims to have a network of 13 lakh retailers.
Time of India
12-06-2025
- Business
- Time of India
PayNearby plans to add 5 lakh retailers in 2 years, hire 300-400 people by March 2026
Branchless banking and digital network PayNearby on Thursday said it plans to expand its national footprint by adding 5 lakh retailers over the next two years. The company also plans to hire an additional 300 to 400 team members by March 2026 to support the next phase of growth, PayNearby Founder , MD and CEO, Anand Kumar Bajaj said. The fintech firm employs more than 850 people as of March 31, 2025. Play Video Play Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 30:33 Loaded : 1.96% 00:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 30:33 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dhoni's Exclusive Home Interior Choice? HomeLane Get Quote Undo "The company is focusing on strengthening platform capabilities, expanding reach, and accelerating UPI-led adoption aimed at onboarding 500 million users across India," Bajaj said. PayNearby plans to further expand its national footprint by adding 5 lakh retailers over the next two years, the official said. Live Events "Our growth plan remains centred on expanding our reach and impact across Bharat. In our next phase, we aim to become the third-largest UPI player in the country," Bajaj said. On financial performance, he said the company has recorded 12 consecutive quarters of profitability, underscoring a sustained period of strong performance. In FY25, the company reported an EBITDA of Rs 17 crore, with profit momentum accelerating in the last four quarters, he added. PayNearby has lined up an investment of USD 50-60 million over the next three years through internal accruals to scale its offerings and deepen its market presence. "We aim to onboard the next 500 million citizens through our distribution-as-a-service (DaaS) model. This will be achieved by deepening our presence in semi-urban and rural markets and scaling our UPI offering to the last mile," he added. PayNearby operates on a B2B2C model and partners with neighbourhood retail stores to enable them with tools to provide digital and financial services to local communities. It claims to have a network of 13 lakh retailers.
