MobiKwik becomes India's first app to Support Credit Cards on UPI

Tags: Economy/Finance National News

MobiKwik becomes the first fintech app to support RuPay Credit Card on UPI.

An overview of the news

• With RuPay credit cards now linked directly to UPI IDs, MobiKwik customers can easily make payments at merchants by scanning the UPI QR code and using the UPI PIN for payment authentication.

• This facility will provide an easy and secure payment experience to MobiKwik customers.

• It will also open up new opportunities for merchants to be part of the credit ecosystem, with the acceptance of credit cards using asset-light QR codes without the need for point-of-sale (POS) terminals.

• RuPay credit cards are issued by all major banks (private and public sector) for both commercial and retail use.

• The integration of RuPay Credit Card with UPI is in line with the vision of National Payments Corporation of India (NPCI) and RBI.

• RuPay Credit Card promotes credit card acceptance in India for merchants who are not part of the credit ecosystem.

About UPI

• Unified Payments Interface (UPI) is a single platform that integrates various banking services and facilities under one umbrella.

• It is developed by National Payments Corporation of India (NPCI).

• The names of the top UPI apps currently are – PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.

• NPCI launched UPI in 2016 with 21 member banks.