MobiKwik, a fintech platform, is among the first fintech apps to support RuPay Credit Cards on UPI, bringing a new level of convenience to the millions of Indians who use UPI for their daily transactions. With nearly 50 million users possessing one or more credit cards, this is a significant milestone in India's drive towards a cashless economy. This industry-first feature will strengthen the Indian economy, drive financial inclusion and increase credit penetration among Indian citizens.
"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.
"We understand the importance of convenience in today's fast-paced world, and this integration will provide just that to our customers," Chandan added. "We are confident that this will greatly benefit both customers and merchants, making digital payments even more accessible and appealing."
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.
"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. We believe this partnership will accelerate the go-to-market efforts and help boost credit penetration in the country," said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI.