Before leading WhatsApp, Kunal Shah was betting on India's digital infra and UPI growth

CRED co-founder Kunal Shah will be taking over a much bigger role at Meta, as he steps into the global lead role for WhatsApp, the instant messaging platform. As he moves away from CRED, his optimism about India's digital public infrastructure is once again drawing attention.

On the sidelines of the G20 Summit in September 2023, Shah told Business Today that India's Unified Payments Interface (UPI) is one of the country's most transformative innovations. He also predicted that the technology would move far beyond payments. 

His views on UPI provided an entrepreneurial view of India’s evolving fintech, credit, and digital commerce, which is currently one of its biggest strengths. 

Must read: From CRED to WhatsApp head: Who is Kunal Shah and why is he in the spotlight?

India is leading the global digital infrastructure race

During the 2023 interview, Shah highlighted that many countries are only beginning to experiment with digital and instant payment systems, and he believed that India had already established a substantial lead.

Comparing India’s UPI system with Singapore's Singpass, Brazil's Pix and the European Union's payment networks, Shah told Business Today, “I think we are far ahead on all of these things.”

“Every investor who comes to India looks at what's going on. They're absolutely fascinated at the speed of change that we are going through,” he added.

Shah also highlighted the evolution of UPI-linked credit, calling it a “UPI 2.0 moment” for India.

“The most exciting thing that's going to happen is what is happening with credit lines being allowed on UPI.” He predicted that millions of Indians who previously lacked access to credit products would be able to obtain small credit lines directly through UPI. 

He also highlighted that it may bring major benefits for small businesses. “We're going to see a flywheel of both consumers and merchants benefiting from the credit loop,” Shah said.

Must read: Kunal Shah net worth: CRED founder takes charge of WhatsApp globally; Inside his wealth, investments & more

India's startup ecosystem

Beyond payments, Shah was also optimistic about India's startup ecosystem. He praised India’s growth in UPI, Aadhaar, Account Aggregator and ONDC, highlighting that entrepreneurs now have a foundation.

“It's never been an exciting time to build,” Shah said. “We are actually leapfrogging on almost all counts because of this DPI that we have got.”

Fast forward to 2026, Shah's predictions gained relevance as UPI transactions continue to hit record highs, UPI-linked credit products gain traction, and countries around the world explore digital public infrastructure models inspired by India's experience.

In 2023, Shah described India as the beginning of transformation. He said, “We are in a very unique moment in our time where a lot of these things are going to play out in the next two, three years.”

Now, after a successful reign at CRED, he is set to expand WhatsApp’s integration in terms of payments, commerce and artificial intelligence (AI). His experience in building products and consumer-centric businesses like CRED and FreeCharge is expected to expand WhatsApp and generate additional revenue.