Dear All,

The Department of Economics invites you to their weekly seminar on Wednesday, November 26, 2025.

Time: 1:40 PM to 2:50 PM

Venue: AC-04-301

Speaker: Shashwat Alok

Title:  Breaking Barriers to Financial Access: Cross-Platform Digital Payments and Credit Markets

Abstract:   Using India’s launch of the Unified Payments Interface (UPI), a nationwide cross-platform payment system. Using rarely available data on the universe of consumer loans, we show that digital payments increased financial deepening, allowing new borrowers to access formal credit. Banks mainly expanded lending to prime borrowers, while fintechs served all borrower segments—but only fintechs extended credit to new-to-credit customers. Credit growth was strongest in regions with affordable internet and recent bank account penetration. We find no evidence that this expansion increased default rates.