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News on Medial
BOBCARD’s EMI option on RuPay-UPI cards: Should you opt for this facility for festive spends?
Money Control
·
10m ago
Medial
RuPay credit card users can now link their cards to popular UPI apps like Amazon Pay, BHIM, CRED, Google Pay, Paytm, and PhonePe. Additionally, RuPay BOBCARD credit card holders can convert their purchases into Equated Monthly Installments (EMIs) by scanning a QR code through UPI apps. This new feature offers users greater flexibility and control over their finances, allowing them to spread high-value purchases over manageable installments. The aim is to drive the adoption of digital credit solutions in India, especially in Tier 2 and 3 cities, and meet the demand for flexible payment options during the festive season.
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Related News
Linking RuPay credit cards to UPI: What you need to know
Money Control
·
1y ago
Medial
Linking your credit card to UPI allows you to spend smaller amounts through your credit card. RBI allowed RuPay credit cards to be linked to UPI in June 2022, resulting in significant growth in the number of credit cards issued. HDFC MoneyBack Plus Credit Card, ICICI Coral credit card, SBI SimplySAVE credit are some popular credit cards that can be linked to UPI.
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20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments - The Economic Times
Economic Times
·
24d ago
Medial
Several banks offer UPI RuPay credit cards that combine the convenience of UPI payments with credit card rewards. These cards provide benefits like cashback, reward points, and airport lounge access. Users can link these cards to UPI apps easily. The article details various options, such as Axis Fibe and IndusInd Platinum, highlighting different reward structures and fees. UPI RuPay credit cards enhance everyday transactions by earning users rewards for using UPI payments.
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UPI integration gives a fillip to RuPay credit cards distribution
Economic Times
·
1y ago
Medial
Around 30% of new credit cards in India are now issued on the RuPay network, following the linking of Unified Payments Interface (UPI) with RuPay credit cards. Prior to this integration, RuPay cards accounted for only 5% of new credit card issuances. Large banks are actively issuing RuPay credit cards to meet customer demand, including co-branded cards running on the RuPay platform. However, transaction growth has not kept pace with card issuance. Some banks are concerned about losing credit card customers to popular UPI payment applications, which may cross-sell additional financial products to customers.
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Rupay credit card payments through UPI hits the MDR speedbreaker
Money Control
·
1y ago
Medial
Rupay credit card transactions on UPI have increased from Rs 50-60 crore daily in May to Rs 100 crore daily in October, with Rupay's share of new credit card issuances growing to 25%. However, around 15-20% of merchants have requested their banks to disable Rupay credit card payments on UPI due to the higher merchant discount rate (MDR). The fear of lower or zero MDR for Rupay credit cards on UPI has led to a scramble among banks to distribute more Rupay credit cards to safeguard their interchange fees.
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Jupiter enables RuPay credit card payments through UPI
Economic Times
·
1y ago
Medial
Indian fintech company, Jupiter, has enabled customers to link their RuPay credit cards to the Unified Payments Interface (UPI) through its app. Customers can now make UPI payments using features like scan-and-pay. Jupiter is also offering multiple UPI payment methods, including peer-to-peer transactions. The company believes that this move will increase the adoption of RuPay credit cards in India, as UPI is the country's most preferred payment method. In September, the Jupiter app settled over 4 million UPI transactions, worth more than Rs 529 crore.
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Paytm's 'Opt-Out' UPI Migration Raise Privacy Concerns
Inc42
·
1y ago
Medial
Paytm's plan to transfer UPI IDs from Paytm Payments Bank to four new banks is facing criticism from users due to privacy concerns. Users expressed disappointment with the opt-out SMS sent by Paytm, arguing that they should have been given the option to opt-in instead. Many are questioning whether Paytm violated regulations set by RBI and NPCI in the process.
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After France, Now Sri Lanka and Mauritius To Get UPI; RuPay Card Connectivity - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Sri Lanka and Mauritius are joining the list of countries that will enable the Indian digital payment system, Unified Payments Interface (UPI), with UPI services set to be launched in both countries. Additionally, Mauritius will also see the launch of RuPay card services. This move will allow Indian nationals travelling to Sri Lanka and Mauritius, as well as Mauritian nationals travelling to India, to make use of UPI settlement services. The extension of RuPay card services in Mauritius will facilitate the usage of RuPay cards for settlements in both India and Mauritius.
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NPCI ups RuPay credit card play against rivals - The Economic Times
Economic Times
·
24d ago
Medial
The National Payments Corporation of India (NPCI) is incentivizing banks to promote RuPay credit cards, challenging the Visa-Mastercard duopoly. This strategic shift includes financial incentives to banks from fees collected on credit card transactions. The move is supported by the increased popularity of RuPay cards since the RBI allowed linking with UPI payments. This initiative aims to capture a larger share of India's credit card market and boost domestic payment methods.
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UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck
Economic Times
·
2m ago
Medial
The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.
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Former Freecharge CEO’s startup Kiwi to raise around $15 Mn
Entrackr
·
1y ago
Medial
Virtual credit card platform Kiwi is reportedly in talks to raise around $15 million in a new funding round. The startup, based in Bengaluru, is said to be finalizing the deal with investors Omidyar and Nexus Venture Partners. This would mark Kiwi's second fundraise this year, with the company potentially reaching a valuation of $70-80 million in the Series A round. Kiwi allows customers to experience credit on UPI by issuing Rupay cards in partnership with banks. The Reserve Bank of India's recent decision to allow linking of RuPay credit cards to the UPI network is expected to boost Kiwi's growth.
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