Axis Bank enables UPI for RuPay credit cards. Check details here
1 min read 09 May 2023, 01:36 PM ISTAxis Bank credit card-UPI linkage: The solution works similarly to how the customers linked their bank accounts in UPI
PremiumAxis Bank today announced that it has successfully enabled RuPay Credit Card support on UPI. Now, Axis Bank customers can use their RuPay Credit Card as a mode of payment while scanning UPI QR Codes or, at the merchant’s UPI checkout page. This will allow customers to enjoy the benefits of credit card rewards while experiencing the convenience of UPI's instant payment. The Bank is rolling out the functionality in phases.
Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said “With approximately 250 million customers using UPI for their peer-to-peer and merchant payments, the linkage 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. Till now, such customers could only use their bank accounts for all Scan & Pay and other forms of UPI merchant payments."
Praveena Rai, COO, NPCI said “Leveraging the vast reach of UPI, RuPay Credit Card on UPI opens doors to new opportunities for consumers seeking credit solutions. This unique product brings together the convenient and seamless UPI experience and the benefits of credit cards in terms of credit lines and rewards. ’’
Axis Bank credit card-UPI linkage: How to do
-The solution works similarly to how the customers linked their bank accounts in UPI.
-The customer needs to select “AXIS BANK CREDIT CARD" option in their list of banks allowed for Credit Card in their UPI Apps*.
-Basis the customer’s mobile number associated, linked RuPay Credit Card will be fetched and shown to the customer.
-The customer then needs to generate UPI PIN.
-This UPI PIN will be separate from the existing Credit Card PIN of the customer.
According to the RBI’s Payments Vision for 2025, credit-based payment transactions are expected to grow by 16% year-on-year for the next four years. With India rapidly adopting digital payments for day-to-day transactions, the credit card-UPI linkage announcement will lead to more usage of credit cards for small-value payments in UPI. This will also lead to more customers opting for credit cards and they would want to have the convenience of UPI was currently limited to their bank accounts.
