Axis Bank Partners with Kiwi to Bolster ‘Credit on UPI’ on RuPay Credit Cards

What’s in News?

Kiwi, a fintech company specializing in enabling credit on UPI, has partnered with Axis Bank to introduce a lifetime free Axis Bank KWIK credit cards through its app.

Objective

This unique partnership of Kiwi and Axis Bank aims to offer customers the convenience of UPI’s fast and secure payments while enjoying the benefits of credit and card rewards. With a focus on simplicity and innovation, Kiwi aims to provide seamless onboarding and instant virtual credit cards to one million users within the next 18 months.

Benefit to the customers

The unique partnership of Kiwi and Axis Bank will bring the following benefits:

• Kiwi users gain access to a virtual credit card that offers two edge rewards for every Rs.200 spent. This feature enables customers to earn rewards while making transactions.
• Customers using the credit card on UPI to make scan & pay transactions enjoy a 1% cashbook benefit, adding to the value and saving for users.
• The virtual credit card provides a waiver of the 1% fuel surcharge usually applied by petrol pumps on card payments.

Significance

The partnership between Kiwi and Axis Bank holds great significance as it combines fintech innovation with traditional banking, creating a seamless payment solution for users. By offering credit card rewards on UPI transactions, the collaboration aims to promote digital payments and enhance financial inclusion. Customers benefit from a secure and rewarding payment experience, while Axis Bank strengthens its position as an innovative bank.

About the Kiwi company

Kiwi is a fintech company that specializes in enabling credit on UPI (Unified Payments Interface), a popular digital payments platform in India. Kiwi was founded by senior fintech experts and banking industry veterans, Siddharth Mehta, Mohit Bedi and Anup Agrawal.

The company’s primary focus lies in merging the features of credit cards with the convenience and security of UPI, offering users a comprehensive and seamless payment solution.

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