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PhonePe Partners ICICI Bank To Offer Credit Line On UPI

Inc42 · 11m ago

PhonePe Partners ICICI Bank To Offer Credit Line On UPI

- ICICI Bank introduces a credit line service for select customers, allowing them to make UPI payments of up to INR 2 Lakh with a 45-day repayment period. - The collaboration between ICICI Bank and select fintech companies aims to expand their offerings and tap into new customers, generating additional revenue streams. - The RBI's decision to include pre-approved credit lines in UPI has paved the way for this collaboration, enabling customers to make high-value purchases. - ICICI Bank's credit line service aims to provide convenience and flexibility to customers, allowing them to make payments without worrying about immediate cash availability. - This partnership will also contribute to the growth and adoption of digital payment solutions in the Indian market.

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Related News

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

Inc42 · 1y ago

PhonePe Launches Credit Line On UPI, Offering Short-Term Credit For Merchant Payments

The Reserve Bank of India (RBI) has expanded the scope of UPI to include pre-approved credit lines, called 'Credit Line on UPI'. This allows consumers and merchants on the PhonePe Payment Gateway to offer an additional payment option at checkout. UPI transactions saw a 3.95% month-on-month increase in July.

Banks are fast warming up to UPI credit line for small value loans - The Economic Times

Economic Times

Economic Times · 1m ago

Banks are fast warming up to UPI credit line for small value loans - The Economic Times

Banks are exploring the launch of small-value credit lines via UPI apps like PhonePe and Paytm, targeting new-to-bank customers for loans. After clarification from the RBI, banks like ICICI and Karnataka Bank are conducting early tests on this product, potentially boosting UPI transaction volumes. Though not widely adopted yet, the initiative could introduce new use cases on UPI. Concerns remain about managing defaults, despite its potential to drive digital payment growth.

Banks wary of UPI credit even as fintech firms make big plans

Economic Times

Economic Times · 1y ago

Banks wary of UPI credit even as fintech firms make big plans

Fintech companies like Freo, Jupiter, and PayU are exploring the possibility of offering credit card-like payment experience for consumers on the Unified Payments Interface (UPI) platform. While fintechs are hopeful about a credit line on UPI, banks are being cautious due to the Reserve Bank of India's warnings about unsecured lending. The activation of a credit line on UPI would allow consumers to use UPI for payments and access the credit line for later payment conversion. However, there are concerns about customers becoming overleveraged and challenges surrounding loan collection.

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

YourStory

YourStory · 2m ago

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

HDFC Bank and PhonePe have launched the 'Ultimo' co-branded credit card, integrating UPI convenience with credit card benefits. Targeted at Indian users, the Ultimo card offers rewards on UPI transactions, with a 10% reward on PhonePe app spends and 5% on select online brands. The card comes with a ₹999 joining fee, offset by welcome offers and rewards. Additional perks include domestic lounge access and seamless card management via the PhonePe app.

Four banks bag bulk of UPI beneficiary payments - The Economic Times

Economic Times

Economic Times · 2m ago

Four banks bag bulk of UPI beneficiary payments - The Economic Times

Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank control nearly 60% of merchant UPI payments, with Yes Bank leading at 40%. This dominance is largely attributed to Yes Bank's association with PhonePe. Axis Bank has increased its share to 10%, while State Bank of India maintains a steady 10% in these transactions. Banks seek to capitalize on merchant payments for revenue, charging fintechs for processing services despite UPI being free for merchants.

Paytm BNPL Relaunch: Postpaid Returns

StartupTalky

StartupTalky · 14d ago

Paytm BNPL Relaunch: Postpaid Returns

Paytm has relaunched its Buy Now, Pay Later (BNPL) product, Paytm Postpaid, as a credit line on UPI, offering short-term credit under a "Spend Now, Pay Next Month" scheme. Initially paused due to asset quality concerns, the service now targets select users, with a broader rollout planned. The change signifies Paytm's confidence in improved market conditions, as it reports a net profit amid rising demand for credit-on-UPI solutions seen in competitors like PhonePe and Flipkart.

Flipkart launches UPI app Super.Money to offer financial services

Entrackr

Entrackr · 1y ago

Flipkart launches UPI app Super.Money to offer financial services

E-commerce major Flipkart has launched a unified payments interface (UPI) app Super.Money to offer payments, credit, deposits and other digital financial services. As a part of the beta version, the app will be available for initial 100,000 users. The app is live in partnership with Axis Bank while it will also offer credit through Utkarsh Small Finance Bank. As per the company’s website, DMI Finance and Credit Saison are other financial partners of Super.Money. The app is also offering coupons, scratch cards or coins for making UPI payments. “Super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion,” said Prakash Sikaria, CEO of Super.Money. The development comes 18 months after the separation of Flipkart and PhonePe, which is the leading UPI app in India with nearly 50% market share. It’s worth highlighting that Flipkart also has its own UPI handle within the shopping app. Super.Money was reportedly in talks to raise $20 million from Flipkart. In March, Flipkart launched its own UPI services which will allow its users to set up their own UPI handle for online and offline merchant transactions. As per NPCI data, the app registered 4.44 million transactions worth Rs 251 crore in May. Its arch rival Amazon Pay did 68.34 million transactions in the last month. With 48.6% market share, PhonePe is the leader among UPI apps followed by Google Pay and Paytm with 37% and 8% market share respectively.

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

YourStory

YourStory · 3m ago

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

PhonePe and HDFC Bank have launched a co-branded credit card linked to UPI, targeting India's digitally savvy consumers. The card, available in two variants, integrates with the UPI network, allowing credit payments via UPI QR codes at merchants. This partnership combines PhonePe’s user base with HDFC’s credit expertise. The card offers rewards such as 10% points on selected spends and airport lounge access, reflecting a trend of co-branded cards in India’s payment ecosystem.

PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

Economic Times

Economic Times · 1y ago

PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

The cross-border linkage between India's Unified Payments Interface (UPI) and Singapore's PayNow is now live on BHIM, PhonePe, and Paytm, allowing the Indian diaspora in Singapore to send funds directly to their Indian bank accounts using UPI. Several banks and third-party applications, including Axis Bank, ICICI Bank, Bank of Baroda, and HDFC Bank, are already offering this service, with more expected to join soon. This collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) enables instant, secure, and cost-effective fund transfers between the two countries.

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Entrackr

Entrackr · 3m ago

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru

Slice rolls out UPI credit card and opens UPI-powered bank branch in Bengaluru According to the company, the Slice UPI credit card comes with no joining or annual charges. Users can scan QR codes or make UPI payments to access their credit lines. Fintech company Slice has launched a UPI credit card and opened a UPI-powered physical bank branch in Bengaluru, following its merger with North East Small Finance Bank. The Slice UPI credit card offers up to 3% cashback on all spends and includes a feature called Slice in 3, allowing customers to convert purchases into three interest-free instalments. The newly opened branch in Koramangala includes UPI-integrated services, self-service kiosks, and a UPI-enabled ATM supporting deposits and withdrawals. Customers can also open accounts and access other banking products at the branch. Slice aims to integrate credit more closely with UPI and expand access to users outside the traditional credit ecosystem. Unlike most fintech companies that rely on third-party banking partners, Slice operates as a bank, controlling its infrastructure, including core banking systems and credit underwriting. Slice recently passed a resolution to rebrand North East Small Finance Bank as Slice Small Finance Bank. The merger was completed in October last year. In a media interview, Slice founder Rajan Bajaj said the bank has turned profitable on a monthly basis and the group aims to go public in the next three to four years. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. Tiger Global is the largest stakeholder, followed by Insight Partners.

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