Digital Credit: Delinquency After the BNPL Wave
An empirical note on unsecured digital loans and household cash-flow stress.
Why it matters. Vintage delinquency is the statistic that matters, not origination growth.
Origination shifted to apps. Vintage curves now show where underwriting used bureau scores versus cash-flow signals. Policy should watch concentration in a few NBFCs, not only headline NPAs.
