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.

Find More News Related to Banking

 

 

Akansha Arora

My role as a content writer specializing in current affairs at Adda247 involves meticulously researching and crafting compelling articles aimed at guiding and informing candidates preparing for National and State Level Competitive Government Exams. With a dedication to educational excellence, I strive to keep our candidates abreast of the latest developments and trends in current affairs. By providing insightful and engaging content, I aim to ensure that aspiring candidates are well-prepared and informed for their examinations.

Recent Posts

World’s AIDS Vaccine Day 2024: Date, Theme, History and Significance

World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…

1 day ago

Coal India, NMDC, ONGC Videsh Seek Overseas Critical Mineral Assets

The Indian government has announced plans for public sector companies like Coal India, NMDC, and…

1 day ago

India’s April Trade Performance: Exports Inch Up, Trade Deficit Widens

In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…

1 day ago

DPIIT Reports Over 7 Million Transactions on ONDC Platform in April

The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…

1 day ago

SBI Raises Short-Term Retail Fixed Deposit Rates Amidst Economic Shifts

In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…

1 day ago

Indian Army Set to Receive Russian Igla-S Air Defence Systems

The Indian Army is poised to elevate its air defense capabilities with the impending delivery…

1 day ago