RING, India’s leading digital credit platform, has collaborated with the National Payments Corporation of India (NPCI) to integrate its recently available UPI Plug-in capabilities into RING’s existing array of digital services. This collaboration will enable RING to provide ‘Scan & Pay’ choices to its existing clients as well as recruit new customers who choose UPI as a payment method. The RING app will become a one-stop integrated payment and credit solution, allowing customers to obtain credit and pay businesses across the country as a result of this agreement.
RING users will be able to create a UPI ID and link it to their existing bank accounts through the UPI payment experience. Users can scan any merchant’s QR code to make UPI payments from their bank accounts linked to the RING app, increasing flexibility and improving user experience. Through this collaboration, RING hopes to expand its capabilities and build a stronger consumer value proposition.
Commenting on the new development, Karan Mehta, co-founder & CTO, RING said, “We resonate with the RBI & NPCI’s vision to make UPI the preferred payment option in moving a step closer to Digital India. The partnership with NPCI will enable RING to adopt UPI Plug-In and become an integrated platform where all our users’ digital finance needs are met, seamlessly. We will continue focusing on consumer needs and increasing customer affinity through enhanced user experience. This is the first of many partnerships that RING will forge to make itself the leading digital credit as well as payments platform in India.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, said “We are very excited to launch UPI Plug-in on RING to provide users a faster, more secure, and seamless transaction experience. UPI Plug-in offers a much swifter approach to provide inline consumer experience to Merchants and Fintechs. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.”
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RING has over 4 million transacting clients and has worked with over 10 lakh retailers throughout the country since its launch in June last year. With this latest advancement, RING intends to quickly broaden its repertoire and provide a comprehensive set of beneficial digital finance solutions to its millions of users and merchants.
