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In a bid to extend buyer and service provider satisfaction, MobiKwik, a pioneer in India’s fintech area, might be supporting RuPay Credit Card on UPI. With roughly 50 million of the Indian inhabitants possessing a number of bank cards, this transfer will assist the nation drive in direction of reaching the standing of a cashless financial system.
Speaking on the transfer, Chandan Joshi, Co-Founder & CEO of Consumer Payments, MobiKwik, shared, “At MobiKwik, our mission is to make financial services accessible to all Indians, and as the first app to support credit cards on UPI, we are proud to lead the way towards financial inclusion. We are excited to see the impact this will have on the Indian economy and look forward to continuing to bring more innovative solutions to the market. This offering will revolutionize the way Indians use credit cards and is aimed at driving the growth of digital finance and increasing coverage on the UPI side.”
Now, RuPay Credit Cards might be instantly linked to UPI IDs which can permit for a easy payment-making course of for the shoppers and retailers. The improvement may also assist in credit score penetration in tier 2, 3 & 4 Indian cities, which predominantly use MobiKwik, the startup reported earlier. The resolution aligns with the National Payments Corporation of India (NPCI) and RBI’s imaginative and prescient to spice up bank card acceptance among the many retailers not a part of the credit score ecosystem.
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI added “We are thrilled to partner with MobiKwik in this industry-first move to support credit cards on UPI. This integration will bring a seamless, digitally enabled credit card experience to Indians, providing them with increased ease and opportunity to use their credit cards. MobiKwik’s leadership in bringing innovations to the end user aligns with our goal of expanding the structured credit infrastructure in India. We believe this partnership will accelerate the go-to-market efforts and help boost credit penetration in the country.”
MobiKwik presently caters to 134 million customers throughout a community of 4 million retailers. The fintech platform is used to make small ticket funds in each day life, together with for kirana outlets, eCommerce purchasing, meals supply, and purchasing at massive retail chains.