Mintoak CEO Raman Khanduja believes India's celebrated QR revolution is just the opening act for MSME growth. He argues that the real game starts when banks leverage this payment data for credit and embedded finance. Millions of previously 'underserved' small businesses now generate actionable financial signals.
How We Got Here
India built a global benchmark for digital payments over the last decade, driven by UPI and smartphone adoption. Khanduja, speaking at the MSME Sparks 2026 event, challenged the notion that widespread QR code adoption signals mission accomplished.
The Numbers
- Raman Khanduja, with nearly two decades at banks, Amex, and Visa, joked that archaeologists might think India worshipped QR codes.
- He highlighted MSMEs always needing capital, but banks struggled to lend without traditional documents like ITRs and Form 16.
- Digital payments now create "economic signals" for banks, showing a restaurant's lunch rush or a wholesaler’s inventory cycle.
- Khanduja shared the example of Priya, a small garment merchant in Surat, whose bank gained visibility into her cash flow via QR payments.
What Happens Next
🇮🇳 Why This Matters for India
For millions of small retailers in cities like Surat and Coimbatore, unlocking credit via QR data means vital working capital without traditional loan hurdles.
The Take
The next battleground for banks and fintechs is translating raw QR transaction data into contextual credit and embedded finance for MSMEs. Expect this to drive the next wave of product innovation and partnerships over the next 18 months.
Source:
YourStory ↗