Kotak Mahindra Bank Limited and the National Payments Corporation of India (NPCI) announced that Kotak clients can now use their RuPay Credit Card on UPI using UPI-enabled Apps.
Customers of Kotak Mahindra Bank can choose from seven RuPay Credit Cards to use with UPI. Customers would no longer need to utilise their real credit card with the integration of Kotak RuPay Credit Cards on UPI.
Customers of Kotak Bank can use the UPI app to make payments at merchants having QR codes and POS devices around the country. This connection provides various benefits since Kotak RuPay Credit Card on UPI transactions are not only simple but also secure because clients do not need to carry a physical credit card. Furthermore, the RuPay Credit Card can be used to make purchases for both e-commerce and in-store transactions.
Frederick Dsouza, Business Head – Credit Cards, Kotak Mahindra Bank Ltd. said “RuPay Credit Card on UPI is a gamechanger initiative. With Kotak’s Rupay Credit Cards going live on UPI, we offer our customers the convenience of UPI and credit card in a single platform. This also opens a wider network of merchants receiving payments on credit cards. UPI has the potential to deepen credit penetration in the country, especially in semi-urban and rural areas. This will increase purchasing power of customers as well as provide convenience of transacting from wherever they are, instantly using UPI. We are excited about our partnership with RuPay and are committed to offering more rewarding credit cards on the RuPay network in the time to come.”
Rajeeth Pillai, Chief Relationship Management and Marketing, NPCI said, “The addition of Kotak Mahindra Bank Credit Cards on UPI rails is a big milestone in the growth trajectory of both RuPay and UPI. We believe linking RuPay Credit Card on UPI will provide a seamless, digitally enabled credit card lifecycle experience to the customers and will further deepen the reach and usage of digital payments. We are confident this will bring us closer to our aim of processing a billion transactions a day on the UPI platform.”
Customers can earn awards on their RuPay Credit Card for UPI payments and will receive up to 50 days of interest-free credit. The Kotak RuPay Credit Cards will be linked to a Virtual financial Address (VPA), also known as a UPI ID, allowing for safe and secure financial transactions. Customers can directly link their credit cards to their preferred UPI applications, such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, and others.
Also Read | Kotak Mahindra Bank launches ActivMoney: Will Provide interest rate upto 7%
In recent months, Kotak Mahindra Bank has been aggressively expanding its Rupay portfolio. In its own product portfolio, the bank has several RuPay solutions, including RuPay variations of co-branded credit cards with IndianOil and METRO Cash & Carry India.
