Mumbai: Kiwi, a fintech that enables credit on UPI, has partnered with Axis Bank to offer a lifetime free Axis Bank KWIK credit card through its app.
Users can make payments from the Kiwi app using their credit cards at merchant outlets that accept digital payments only via UPI QR code.
With this partnership, customers can enjoy the benefits of credit card rewards while experiencing the convenience of UPI’s fast and secure payment, the company said.
Read More: Will Government Allow PAN-Aadhaar Linking Facilities At Post Offices In Rural Areas?
The virtual credit card provides two edge rewards per Rs.200 spent. Users also get 1% cash back on scan & pay transactions (using credit card on UPI), and waiver of the 1% Fuel surcharge waiver usually applied by petrol pumps on card payments.
“Kiwi’s unique focus on ‘credit cards with UPI’ sets us apart in the fintech industry. Together with Axis Bank, we will provide seamless onboarding and instant virtual credit cards,” said Siddharth Mehta, co-founder of Kiwi.
“Our goal at Kiwi is to enable one million users to access credit cards on UPI over the next 18 months, and we plan to achieve this by forging additional banking partnerships in the upcoming months,” he added.
Read More: Credit Cards: Tips to get quick online approval for credit cards
According to Sanjeev Moghe, president & head, of cards & payments at Axis Bank, the partnership is part of the bank’s strategy of building on innovation-led partnership models. “We are committed to driving access to formal credit in India with offerings that benefit our customers. We are excited to partner with Kiwi to launch the Axis KWIK virtual credit card that offers credit card rewards and the convenience of UPI’s fast and secure payment,” he added.
The wide acceptability of UPI will boost credit card usage.
According to Praveena Rai, chief operating officer of NPCI, the partnership between Axis Bank and Kiwi will propel credit and payment accessibility to a broader user base providing them with secure and innovative payment options for seamless online and offline transactions.
Read More: Akasa Air announces first anniversary celebrations with mega sale
The Kiwi app offers card management facilities – blocking, setting limits, etc., allowing users to link their existing debit accounts to the app.
Kiwi has been co-founded by senior fintech experts and banking industry veterans, Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank & PayU), and Anup Agrawal (ex-business head, LazyPay). Earlier in May, the company raised $6 million in pre-seed funding from marquee investors: Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors.
