Axis Bank today announced that it had successfully enabled support for RuPay Credit Cards on UPI. Customers of Axis Bank can now scan UPI QR Codes or utilise the merchant's UPI checkout page to make purchases using their RuPay Credit Card. Customers will be able to take advantage of credit card incentives while also taking advantage of UPI's immediate payment simplicity. The Bank is introducing the capabilities piece by piece.
With approximately 250 million users of UPI for peer-to-peer and merchant payments, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, stated that "the linking of RuPay Credit Cards with UPI will lead to a rise in acceptability through the vast network of five crores UPI merchants, providing customers with more points of acceptance of their credit cards." For all Scan & Pay and other types of UPI merchant payments up to this point, such clients could only use their bank accounts.
Praveena Rai, COO of NPCI said, "RuPay Credit Card on UPI opens doors to new prospects for consumers seeking credit solutions by leveraging the extensive reach of UPI. This special product combines the advantages of credit cards in terms of credit lines and rewards with the simple and convenient UPI experience.
Axis Bank credit card-UPI linkage: How it works: * The consumer must choose "AXIS BANK CREDIT CARD" from the list of banks that their UPI Apps allow for Credit Card transactions.
* The connected RuPay Credit Card will be obtained and displayed to the customer based on their associated mobile number.
* The customer must then create a UPI PIN.
* This UPI PIN will be different from the customer's current Credit Card PIN.
The RBI's Payments Vision for 2025 predicts that over the following four years, credit-based payment transactions will increase by 16% annually. Due to India's fast use of digital payments for everyday transactions, the launch of the credit card-UPI linking will increase the use of credit cards for UPI small-value payments. Customers will also choose credit cards more frequently as a result of this since they want the ease of UPI, which is now only available to those with bank accounts.
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