PhonePe becomes first payment app to link 2 lakh RuPay credit cards to UPI

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IANS | 26 May, 2023
Leading fintech company PhonePe has announced that the company has become the first digital payments app to successfully enable the linkage of two lakh RuPay credit cards to the Unified Payments Interface (UPI). It has also processed a Total Payment Value (TPV) of Rs 150 crore via RuPay Credit on UPI.

The company said it aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularise its usage among the customers and merchants alike.

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.

"We are thrilled to partner with the National Payments Corporation of India (NPCI) and become the first payments app to link two lakh RuPay credit cards to UPI. We believe that RuPay cards on UPI will revolutionise the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants," said Sonika Chandra, Vice President, Consumer Platform and Payments, at PhonePe.

"Similar to any other credit instrument, MDR is applicable for RuPay on UPI and our merchant partners are enthusiastically adopting and driving the use of RuPay among the customers," she added.

Moreover, PhonePe mentioned that the overall widespread acceptance of UPI has ensured that customers have ample opportunities to utilise their RuPay credit cards for transactions. On the consumer side, the company is driving the adoption through seamless and intuitive nudges on the PhonePe app.

These contextual communications are encouraging customers to adopt RuPay credit cards through UPI as their preferred payment option.

Moving forward, PhonePe will continue to collaborate closely with NPCI to scale the RuPay Credit penetration in the country through enhanced functionalities.