MobiKwik All Set To Support Credit Card On UPI
MobiKwik by supporting RuPay Credit Card on UPI will be expanding its credit penetration in its target tier 2, 3 & 4 Indian cities
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In a bid to increase customer and merchant satisfaction, MobiKwik, a pioneer in India's fintech space, will be supporting RuPay Credit Card on UPI. With approximately 50 million of the Indian population possessing one or more credit cards, this move will help the country drive towards achieving the status of a cashless economy.
Speaking on the move, Chandan Joshi, Co-Founder & CEO of Consumer Payments, MobiKwik, shared, "At MobiKwik, our mission is to make financial services accessible to all Indians, and as the first app to support credit cards on UPI, we are proud to lead the way towards financial inclusion. We are excited to see the impact this will have on the Indian economy and look forward to continuing to bring more innovative solutions to the market. This offering will revolutionize the way Indians use credit cards and is aimed at driving the growth of digital finance and increasing coverage on the UPI side."
Now, RuPay Credit Cards will be directly linked to UPI IDs which will allow for a smooth payment-making process for the customers and merchants. The development will also help in credit penetration in tier 2, 3 & 4 Indian cities, which predominantly use MobiKwik, the startup reported earlier. The decision aligns with the National Payments Corporation of India (NPCI) and RBI's vision to boost credit card acceptance among the merchants not part of the credit ecosystem.
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI added "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."
MobiKwik presently caters to 134 million users across a network of 4 million merchants. The fintech platform is used to make small ticket payments in daily life, including for kirana shops, eCommerce shopping, food delivery, and shopping at large retail chains.