PhonePe, a Digital payment service provider announced that it has become the first digital payments app to enable the linkage of 2 lakh Rupay credit cards to the Unified Payments Interface (UPI). It has also processed a Total Payment Value (TPV) of Rs 150 crore through Rupay Credit on UPI. TPV refers to the total transaction value processed through the platform in a given time period.
Particularly, linking the credit card to UPI simplifies the utilization of credit for customers by leveraging the flexibility and widespread acceptance of UPI. According to PhonePe, the company has already enabled the acceptance of Rupay Credit Cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.
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