Increasing bank account activity among affluent driving surge in financial management tools: CRED
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 noted 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.
It also added that the median user is taking a more hands-on approach to building wealth, with 71% actively investing, a median of 28 times a year.
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“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.
Additionally, the report said that with 116 incoming P2P transactions annually, amounting to ₹7,82,838, balanced against 318 outgoing transfers totalling ₹6,93,349 yearly.
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.
Regular merchant transactions across 360 different payment flows annually, highlighting the increasing frequency of ad-hoc transactions, it noted.
The report, based on aggregated and anonymised data from Cred Money built on the account aggregator framework.
The company reported a 66% increase in revenue to ₹2,473 crore for the financial year 2023-24, up from ₹1,484 crore in the previous year. However, it also reported a net loss of ₹1,644 crore, a rise of about 22% on-year.