Fintech major Razorpay enables merchants to accept credit card payments via UPI
- ByStartupStory | December 7, 2022
As the digital payments sector experiences phenomenal development, fintech platform Razorpay on Monday announced an industry-first effort to enable retailers to accept credit card transactions on a unified payments interface (UPI).
Razorpay merchants can start accepting credit card payments on UPI with little modification to their current setup now that RuPay credit cards are enabled on UPI.
According to the business, this move is made possible through a partnership with Axis bank, which prioritises meeting the constantly changing needs of merchants and supplying greater convenience.
According to the corporation, this product is consistent with the Reserve Bank of India’s (RBI) and the National Payments Corporation of India’s (NPCI) most recent digital innovation. The NPCI approved the integration of RuPay credit cards with the BHIM UPI app on October 4.
“Any payment gateway infrastructure must be ready in order for this enabling to have an impact. Razorpay has made the first move toward democratising credit card transactions on UPI for our merchants in this environment “said Razorpay co-founder and MD Shashank Kumar.
Nearly 50 million UPI users in India, who use the service for daily transactions, hold one or more credit cards. According to the business, the first people to benefit from this innovation would be the clients of HDFC Bank, Punjab National Bank, Union Bank, and Indian Bank.
According to Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, “this would enable customers to transact smoothly with merchants across India on credit rails in accordance with the government’s objective to build the structured credit infrastructure in India.”
According to data from the RBI, during the past three years, the country’s credit card business has risen steadily at a pace of 30%. According to Sanjeev Moghe, President & Head – of Cards & Payments, Axis Bank, “We believe this action has the potential to change the way customers make payments in the next 2-3 years.”
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