According to the Centre for Advanced Financial Research and Learning (CAFRAL), FinTech Non-Banking Financial Companies (NBFCs) in India have seen a 100-fold increase in lending to borrowers below 35 between 2015 and 2021. They, along with traditional NBFCs, now make up 70% of lending in this age group. Young borrowers primarily seek small loans for personal items, as traditional banks often deny them due to a lack of credit history. The report notes that UPI (Unified Payments Interface) has played a pivotal role in facilitating digital payments, making credit more accessible. The RBI expects FinTech lending to surpass traditional bank lending by 2030, reflecting the growing influence of technology in India’s financial landscape.