MobiKwik has become of the first fintech apps to support RuPay Credit Cards on UPI.
MobiKwik has become of the first fintech apps to support RuPay Credit Cards on UPI. The facility will help millions of customers who use UPI for their daily transactions. In a statement, MobiKwik said that with RuPay Credit Cards now linked directly to UPI IDs, customers can easily make payments to merchants by scanning the UPI QR code and using UPI PIN for payment authentication.
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This feature will provide a smooth and secure payment experience for MobiKwik’s customers. It will also open up new opportunities for merchants to be part of the credit ecosystem with the acceptance of credit cards using asset-lite QR codes without the need for point-of-sale (POS) terminals, it added.
“As the first app to support credit cards on UPI, we are proud to lead the way towards financial inclusion. We are excited to see the impact this will have on the Indian economy and look forward to continuing to bring more innovative solutions to the market. This offering will revolutionize the way Indians use credit cards and is aimed at driving the growth of digital finance and increasing coverage on the UPI side,” said Chandan Joshi, Co-Founder & CEO, Consumer Payments, MobiKwik.
This integration will also help in the development of new credit products on existing UPI rails that will drive credit penetration in tier 2, 3 & 4 areas in India that largely remain underserved, MobiKwik said.
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RuPay Credit Cards are issued by all major banks (private and public sector), who are also issuing incremental cards for both commercial and retail segments. The integration of RuPay Credit Cards with UPI is in line with the National Payments Corporation of India (NPCI) and RBI’s vision to boost credit card acceptance across merchants in India that are not part of the credit ecosystem. The new feature will follow the existing UPI standard transaction limits.
“We are thrilled to partner with MobiKwik in this industry-first move to support credit cards on UPI. This integration will bring a seamless, digitally enabled credit card experience to Indians, providing them with increased ease and opportunity to use their credit cards. MobiKwik’s leadership in bringing innovations to the end user aligns with our goal of expanding the structured credit infrastructure in India” said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI.
