Archive · 11 Sep 2026
Bansal Says Fintechs Still Have Room Beyond Banks
India has made it easier for people to have bank accounts and make digital payments.
Sachin Bansal says many financial problems still need to be solved.
He thinks new fintech companies can help with those problems.
Banks are trusted places to keep money, but they may not have enough time or resources to do everything.
Fintech companies can create tools that make payments and other services easier.
Banks will also try to offer more services to customers.
A proposed fee could let banks earn money from some UPI payments made by larger merchants.
People-to-people UPI transfers are expected to stay free.
Bansal’s company Navi is one of India’s major UPI apps, but it is smaller than PhonePe and Google Pay.
Sachin Bansal said India’s digital public infrastructure has solved many major financial-access problems.
He said banks cannot address every customer need because of time, bandwidth and resource constraints.
Bansal argued that new fintech companies will solve many remaining problems over the next decade.
Banks may receive the largest share of proposed merchant fees for some UPI transactions.
Navi held a 4% share of UPI transaction volume in July, behind PhonePe and Google Pay.
- Who
- Sachin Bansal, founder and executive chairman of Navi Group and co-founder of Flipkart, made the comments.
- What
- Bansal said fintech companies have significant opportunities because banks cannot meet every customer need.
- When
- He spoke on Friday at the Global Fintech Fest 2026.
- Where
- Mumbai, India.
- Why
- Banks face time, bandwidth and resource constraints, while customer needs and demand for financial services continue to grow.
Fintech Expansion
Bank Expansion
Who will solve future financial-service needs?
Fintech Expansion
Sachin Bansal said new fintech companies will be needed because banks cannot address every customer need and face resource constraints.
Bank Expansion
Banks are also expected to pursue more UPI-related business, particularly if they can earn revenue from transaction fees.
Focus of financial-service providers
Fintech Expansion
Bansal said fintechs can make transactions easier and create value by going deeper into specific customer needs.
Bank Expansion
Banks already provide regulated, secure places to store value and may broaden their services as customer demand grows.
- Speaker
- Sachin Bansal
- Event
- Global Fintech Fest 2026
- Location
- Mumbai
- Navi UPI share
- 4% of transaction volume in July
- Leading UPI apps
- PhonePe and Google Pay together accounted for more than 78% of UPI transactions
- Potential UPI fee
- A proposed merchant discount rate would apply to some larger merchants and higher-value payments
- Person-to-person transfers
- Expected to remain free under the reported UPI fee structure