Fintech firm CRED introduced RuPay credit card-based Unified Payments Interface (UPI) payments for its members, in collaboration with the National Payments Corporation of India (NPCI).
The company now supports RuPay credit cards issued by banks including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank.
The launch of credit-on-UPI will empower CRED’s members to utilise their RuPay credit cards for making payments via UPI. Accordingly, users can pay businesses or merchants by scanning any UPI QR code, using their RuPay credit card linked to their UPI.
Boosting digital payments
Praveena Rai, COO at NPCI, said , “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.”
This initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem, said CRED. The users of the company now have multiple payment options available to them for UPI.
Kunal Shah, founder of CRED, expressed enthusiasm over the launch, and said , “Enabling credit card transactions on UPI - through the integration of our second homegrown innovation, RuPay - will unleash the next stage of growth for India’s digitisation journey. I’m excited to share that CRED members can now use their RuPay credit cards on UPI systems for frictionless, delightful, and rewarding payments.”
Members need to tap on ‘activate UPI on your credit cards’, then enter the last six digits of their RuPay card and the expiry date. After authenticating their mobile numbers, members can set their UPI pin for using the RuPay card.