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Razorpay sees surge in credit card-linked UPI payments: report

Economic Times

Economic Times · 1y ago

Razorpay sees surge in credit card-linked UPI payments: report

Credit card-linked UPI transactions on the Razorpay platform surged by 12 times in the last financial year, according to the annual payments report. A study by Razorpay also revealed that 96% of respondents desired a seamless online and offline payment experience from brands. Credit card-linked UPI payments and cross-border merchant payments are anticipated to be key growth drivers for digital payments. Data from the payment aggregator also showed a 44% increase in payment value and a 13% rise in transaction volume between March 2023 and April 2024. Sectors such as entertainment, travel, education, health and wellness, mutual fund investments, and trading experienced strong growth.

Related News

Linking RuPay credit cards to UPI: What you need to know

Money Control

Money Control · 1y ago

Linking RuPay credit cards to UPI: What you need to know

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.

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.

Unity Bank and BharatPe to launch EMI-driven credit card

Entrackr

Entrackr · 1m ago

Unity Bank and BharatPe to launch EMI-driven credit card

BharatPe, a financial services and UPI payments company, has announced the launch of Unity Bank BharatPe Credit Card, in partnership with Unity Small Finance Bank (Unity Bank). The card brings industry-first features designed to make everyday payments including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle spends, both online & offline, smarter and more rewarding. Offered on National Payments Corporation of India (NPCI) RuPay network, the card can be seamlessly linked to UPI, enabling secure and convenient payments across millions of merchants in India. With a zero-fee structure, the card does away with all hidden costs. There are no joining charges, annual fees, processing charges, or foreclosure penalties. Customers also enjoy the flexibility to prepay their EMIs anytime without penalties, making credit access transparent and stress-free. The card offers flexible EMI options of up to 12 months, helping customers manage big-ticket purchases with ease. What truly sets it apart is its unlimited flat 2% rewards (Zillion Coins) on every transaction upon EMI conversion, across all merchant categories and platforms, without restrictions. Zillion Coins can be redeemed via the BharatPe app for brand vouchers, products, or even to pay credit card bills. Kohinoor Biswas, Head – Consumer Business at BharatPe, said, “Our focus has always been to make access to credit simple, transparent, and inclusive. With the Unity Bank BharatPe Credit Card, customers get a truly lifetime free card with no hidden charges. Moreover, linking RuPay Credit Card with UPI opens a multitude of convenient payment options for cardholders.” In April, BharatPe’s subsidiary Resilient secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This makes BharatPe one of the few Indian fintech companies to hold an NBFC license (through Trillion Loans), a stake in a small finance bank (Unity SFB), and now a payment aggregator license. Currently, with a registered network of over 2.5 million merchants across over 450 cities, BharatPe processes more than 500 million UPI transactions per month. It processes payments of a monthly Transaction Processed Value of Rs 12,000 crore.

Paytm announces ‘gold coin’ rewards on payments - The Economic Times

Economic Times

Economic Times · 6d ago

Paytm announces ‘gold coin’ rewards on payments - The Economic Times

Paytm introduces 'gold coins' as reward tokens for transactions, redeemable as digital gold. Applicable across payments, including UPI and cards, with double tokens for credit card UPI payments. Aimed at boosting UPI share after a dip.

Rupay credit card payments through UPI hits the MDR speedbreaker

Money Control

Money Control · 1y ago

Rupay credit card payments through UPI hits the MDR speedbreaker

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.

Juspay gets in-principle RBI nod to become a payment aggregator

Economic Times

Economic Times · 1y ago

Juspay gets in-principle RBI nod to become a payment aggregator

Juspay, backed by Softbank, has received approval from the Reserve Bank of India to become a payment aggregator, joining the likes of Razorpay and PayU. Currently operating as a payments service provider for ecommerce companies, Juspay aims to offer a full-stack payment gateway for card payments, UPI transactions, and wallet payments. They plan to focus on new areas and create products for business payments and open credit enablement networks. Additionally, Juspay is looking to expand into the North American markets with their open-sourced payments platform, Hyperswitch.io.

20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments - The Economic Times

Economic Times

Economic Times · 2m ago

20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments - The Economic Times

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.

Cred launches offline QR code-based ‘scan and pay’ payments

Economic Times

Economic Times · 1y ago

Cred launches offline QR code-based ‘scan and pay’ payments

Fintech unicorn Cred has introduced offline retail payments at large format stores after completing successful pilots. The company aims to roll out the solution at select merchant outlets throughout the year. The app allows customers to scan QR codes and make payments at premium retail outlets, such as supermarkets and restaurants. Additionally, Cred offers rewards for every payment transaction, which can be offset against credit card bills. The new terminals powered by Razorpay POS and Pine Labs enable merchants to provide personalized rewards and accept payments via UPI.

Now, UPI To Be Linked With UAE’s Instant Payments Platform AANI

Inc42 · 1y ago

Now, UPI To Be Linked With UAE’s Instant Payments Platform AANI

The Unified Payments Interface (UPI) will now be linked with the United Arab Emirates' (UAE) instant payments platform AANI, facilitating seamless cross-border transactions between the two countries. This agreement was signed during Prime Minister Narendra Modi's visit to the UAE, where he also launched RuPay card services and signed agreements to link domestic debit/credit cards - RuPay from India and JAYWAN from the UAE. The extension of UPI services in Sri Lanka, Mauritius, and France, along with the large Indian expatriate community in the UAE, is expected to enhance digital transactions for Indian nationals globally.

UPI, credit cards grab top spots for insurance premium payments: Policybazaar data

Economic Times

Economic Times · 4m ago

UPI, credit cards grab top spots for insurance premium payments: Policybazaar data

Unified Payments Interface (UPI) and credit cards are the leading payment modes for insurance premiums, per Policybazaar. Health, term, and motor insurance products have high UPI adoption, with over 50% of motor insurance payments using UPI. Credit cards dominate term and savings insurance payments, indicating a preference for rewards and flexibility. Debit card use has declined by 17% year-on-year, while net banking continues to grow, showing evolving consumer payment preferences.

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