Banks should be prepared for providing credit through UPI'

Bengaluru-based Zeta, which provides banking technology to institutions globally, is looking for opportunities in India. It serves HDFC Bank in India and aims to strengthen the core banking systems of other lenders. RAMKI GADDIPATI, chief executive officer (CEO) for Asia Pacific (APAC) and global chief technology officer (CTO) of Zeta, in a video interview with Ajinkya Kawale spoke about technology and banking. Edited excerpts:

- Ajinkya Kawale

How has the first half of 2024 been for Zeta? It is an exciting year for Zeta.

We will be doing some work in the US. This year, we have decided that we'll start our business development in India as well, with our digital credit as a service as an offering for Indian customers. We launched this in May, and we conducted an event inviting all banks in the country to familiarise themselves with UPI (Unified Payments Interface) credit, and how that can transform the credit landscape in the country.

Which products will see demand increasing in India?

Within India, for the last three years, we have been exclusively working with HDFC Bank. We worked with them to relaunch their PayZapp, which has over 11 million users. We also launched a credit card product with HDFC called Pixel, which is the country's first digital native credit card. HDFC Bank is probably India's first Cloud native core banking deployment.

We demonstrated that we could handle 200 million credit card accounts and do about 10,000 concurrent transactions, and process what is considered as extremely hard in banking: The end-of-day account processing for all these accounts.

Is there a lot of catching up to do with technology in Indian banking?