CRED, a leading fintech company, has joined forces with the National Payments Corporation of India (NPCI) to introduce an innovative feature: RuPay credit card-based Unified Payments Interface (UPI) payments for its members.
CRED’s UPI Payments Revolution: Leveraging RuPay Credit Cards
CRED’s collaboration with NPCI brings RuPay credit cards issued by major banks, including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank, into the UPI ecosystem.
Through this integration, CRED members gain the convenience of using their RuPay credit cards for seamless UPI payments. This enhancement allows users to make payments to businesses and merchants by scanning any UPI QR code, using their RuPay credit card linked to their UPI account.
Praveena Rai, COO at NPCI, emphasized, “The integration of RuPay Credit Cards with UPI has brought about a revolutionary change in the way credit is utilized, propelling the adoption of credit-backed digital payments in the country. NPCI’s mission has always been to create a seamless and user-friendly digital payment experience.”
Unlocking Next-Gen Digital Transactions: CRED’s Vision
CRED envisions this integration benefiting both banks and merchants, boosting consumption and engagement in the credit ecosystem. Kunal Shah, CRED’s founder, expressed his excitement, highlighting that the integration of their second homegrown innovation, RuPay, with UPI transactions marks a significant milestone in India’s digital transformation. He underscored that CRED members can now enjoy a seamless, delightful, and rewarding payment experience by utilizing their RuPay credit cards on UPI platforms.
Empowering Users with UPI on RuPay Credit Cards
To activate UPI on their RuPay credit cards, customers can navigate to the ‘settings’ option located at the app homepage’s top right corner. Once there, they can choose ‘UPI settings’ from the available options.
Subsequently, users should tap on ‘activate UPI on your credit cards’ and input the last six digits of their RuPay card, along with its expiry date. After verifying their mobile numbers, users can proceed to set their UPI pin for using their RuPay credit card seamlessly on UPI systems.
CRED’s initiative represents a significant leap forward in the world of digital payments, enhancing convenience, accessibility, and the overall user experience for its members.
