MobiKwik launches UPI payment with Rupay credit card

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. This 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 (POS) terminals.

This integration will also help in the development of new credit products on existing UPI rails that will drive credit penetration in tier 2, 3 & 4 areas in India that largely remain underserved.

"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."

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.

"We are thrilled to partner with MobiKwik in this industry-first move to support credit cards on UPI. 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.