Fintech majors are counting on co-branded cards in returns play

Major Indian fintechs operating on the UPI network are expanding their credit portfolio to generate steady revenue from the business as the government continues to provide UPI payments free of cost.

Google Pay, the second largest UPI payment application, is working on building a co-branded credit card product in partnership with Axis Bank, according to two people in the know.

This comes after Google Pay launched gold loans with Muthoot Finance late last year and personal loans before that on the popular payment application. Google Pay offers personal…