Affluent Indians financial activity: Affluent Indians see surge in financial activity, says Cred

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India’s affluent class is witnessing a surge in financial activity, with the median individual managing over 434 peer-to-peer (P2P) banking transactions annually and experiencing accelerated flows of earnings, investments, and spending, according to a report by fintech unicorn Cred.The report, based on aggregated and anonymised data from Cred Money built on the account aggregator framework, highlighted that around 42% of individuals receive dividend payments an average of 10 times a year, signalling a shift in how Indians are approaching passive income generation.

Additionally, the report noted that the median user is taking a more hands-on approach to building wealth, with 71% actively investing a median of 28 times annually.

The median individual represents the user whose financial activity lies at the midpoint, with half of the users being more active and half less active.

“Today’s financial landscape is more complex than ever before, with individuals managing diverse income streams and investment channels that were inconceivable just a few years ago,” said Akshay Aedula, head of product and growth at Cred.


The report revealed increasing bank account activity, with 116 incoming P2P transactions annually, amounting to Rs 7,82,838, balanced against 318 outgoing transfers totalling Rs 6,93,349 yearly.

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Cred also noted that the introduction of personal finance management on the account aggregator framework has, for the first time, enabled users to gain insights into the velocity and frequency of transactions across multiple bank accounts.This high transaction velocity is further propelled by the adoption of digital payment systems like Unified Payments Interface (UPI), with affluent Indians among the strongest adopters of diverse payment methods, the report stated.

Kunal Shah-led Cred has emerged as the fifth-largest UPI payments app, reporting approximately 143.07 million payments in December, settling transactions worth Rs 50,979.94 crore.

The company reported a 66% increase in revenue to Rs 2,473 crore for the financial year 2023-24, up from Rs 1,484 crore in the previous year. However, it also reported a net loss of Rs 1,644 crore, a rise of about 22% on-year.

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