CRED unveils RuPay credit card-based UPI payments option

By Gloria Mathias

In collaboration with the National Payments Corporation Of India (NPCI), CRED, an India-based FinTech, has launched RuPay credit card-based UPI payments for community 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.

The feature offers members smart instrument recommendations, statements, rewards management, and brand offers. Members can use credit cards to make UPI transactions, which was only possible via bank accounts.

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.”

The feature also 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. With UPI transactions via credit cards, customers can earn rewards on day-to-day transactions.

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.”