India’s leading fintech, MobiKwik has become the first fintech apps to support RuPay Credit Cards on UPI. The development brings 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.
With RuPay Credit Cards now linked directly to UPI IDs, MobiKwik’s customers can easily make payments to merchants by scanning the UPI QR code and using UPI PIN for payment authentication.
- The feature not only provides a smooth and secure payment experience for MobiKwik’s customers but also opens up new opportunities for Indian merchants to be part of the credit ecosystem with the acceptance of credit cards using asset-lite QR codes without the need for point-of-sale terminals, said the company.
- The integration will also help in the development of new credit products on existing UPI rails that will drive credit penetration in smaller cities that largely remain underserved.
- RuPay Credit Cards are issued by all major banks for 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 and RBI’s vision to boost credit card acceptance across merchants that are not part of the credit ecosystem.
- The new feature will follow the existing UPI standard transaction limits.