As per CRED, the initiative will benefit banks as well as merchants as it will increase customer consumption.
India has been continuously working towards digital transformation, including easier ways of payments. Now, the fintech startup, CRED, which is popular for its unique approach to paying credit card bills and earning rewards, has come up with a groundbreaking partnership with RuPay.
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CRED has launched RuPay Credit Card Unified Payments Interface (UPI)-based payment option. This is in collaboration with the National Payments Corporation of India (NPCI).
RuPay gained immense popularity in recent years and has made a name for itself. It is India’s own domestic payment network. This latest offering by the company is a step towards making sure India becomes a leading player in the digital payment landscape, globally. This will also ensure that users can now enjoy the app further by making it more convenient, and secure and making all transactions seamless. The UPI feature on credit cards will enable members to make payments with RuPay credit cards via UPI. Just like the other mobile payment service app, CRED users too can pay by scanning any UPI QR Code using a RuPay credit card.
Now, CRED supports RuPay credit cards that are issued by ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank.
The COO at NPCI, Praveena Rai stated, “The integration of RuPay Credit Cards with UPI has revolutionised the way credit is consumed. It’s propelling the adoption of digital payments backed by credit in the country. Our mission at NPCI has always been to create a seamless and user-friendly digital payment experience.”
As per CRED, the initiative will benefit banks as well as merchants as it will increase customer consumption. Founder of CRED, Kunal Shah, shared that the credit card transaction through UPI through RuPay will push the country towards India’s digitisation journey. He promised CRED members “frictionless, delightful and rewarding payments”.
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Here’s how you can activate the new feature-
To activate the UPI feature on your credit card, open the CRED app. On the top right of the page, you will find a tab called settings and click on it. Then select UPI settings from the options.
Tap on the ‘activate UPI on your credit cards’ tab.
You need to enter the last six digits of your RuPay credit card and the expiry date.
Authenticate using the One Time Password (OTP) and then set up the pin.
Remember to choose the RuPay credit card while making payments.
