BusinessWire India
Bengaluru (Karnataka) [India], August 2: CRED, a high-trust community of creditworthy individuals, brands, and institutions, in collaboration with NPCI has launched RuPay credit card-based UPI payments on CRED for members. CRED currently supports RuPay credit cards issued by banks such as HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank.
Highlights of the feature:
* CRED exclusive experience - It offers members smart instrument recommendations, smart statements, rewards management, and brand offers. CRED’s comprehensive payment platform now gives a full suite of payment options to its CRED members.
* Increased use of credit cards: Members will now be able to use credit cards to make UPI transactions which so far has only been possible via bank accounts. This linkage enables them with a credit line to handle their expenses and longer life to money in their bank accounts.
* Convenient: Eliminates the need to carry physical cards, enabling seamless payments using saved cards and the convenience of tracking and paying bills for these credit cards right on the CRED app.
* Rewarding: Making UPI transactions via credit cards allows customers to earn rewards on day-to-day transactions.
Praveena Rai, Chief Operating Officer at NPCI said, “The integration of RuPay Credit Cards with UPI has revolutionised the way credit is consumed, propelling the adoption of digital payments, backed by credit, in the country. At NPCI, our mission has always been to create a seamless and user-friendly digital payment experience. We are thrilled to provide UPI customers with the exceptional convenience of using their RuPay Credit Card on UPI. With this feature, customers can enjoy greater flexibility and a wide range of payment options at merchant outlets, all without the need to carry physical cards.”
Kunal Shah, Founder, CRED, stated, “India has leaped ahead in global financial innovation through UPI. Enabling credit card transactions on UPI - through the integration of our second homegrown innovation, RuPay - will unleash the next stage of growth for India’s digitisation journey. The destination is a world where intent and ability to transact are all that matter, and transactors have true freedom and control over their spending decisions. I’m excited to share that CRED members - among the most creditworthy Indians - can now use their RuPay credit cards on UPI systems for frictionless, delightful, and rewarding payments.”
Additionally, CRED partners with Zeenat Aman, the trailblazer in Bollywood cinema to launch an ad film showcasing the advantages of linking RuPay credit cards on UPI with CRED. Through a satirical approach, Zeenat Aman encourages viewers to connect their RuPay credit cards to UPI to manage one’s finances with credit card better. The film can be viewed on Zeenat Aman's Instagram, CRED's social media platforms, and will be digitally released on Jio Cinemas during the India-West Indies tour. (link of the video)
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