Kiwi & Axis Bank roll out ‘Credit on UPI’ on RuPay cards in India
By Gloria Mathias
Kiwi, an India-based FinTech platform, partners with Axis Bank to bolster ‘Credit on UPI’ accessibility on RuPay credit cards.
The partnership enables Kiwi users to seamlessly access the RuPay lifetime free virtual Axis Bank KWIK credit card through the app. With its innovative features, users can make merchant payments within the Kiwi app using their credit cards via UPI, offering a virtual payment experience and eliminating the need for physical cards.
Siddharth Mehta, Co-founder, Kiwi said, “We are excited to announce our first banking partnership with Axis Bank, India’s third-largest private sector bank, in collaboration with NPCI. This marks an exciting milestone for Kiwi as we embark on a journey to revolutionize the ‘Credit on UPI’ ecosystem. Kiwi’s unique focus on ‘credit cards with UPI’ sets us apart in FinTech. Together with Axis Bank, we will provide seamless onboarding and instant virtual credit cards powered by a robust tech stack, offering our customers a comprehensive end-to-end experience of ‘Credit on UPI.’ Our goal at Kiwi is to enable 1 million users to access credit cards on UPI over the next 18 months, and we plan to achieve this by forging additional banking partnerships in the upcoming months.”
Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank said, “We are committed to drive access to formal credit in India with offerings that benefit our customers. We are excited to partner with Kiwi to launch the Axis KWIK virtual credit card that offers credit card rewards and the convenience of UPI’s fast and secure payment.”
“The RBI’s credit card-UPI linkage announcement is expected to boost credit card usage for small-value payments on the UPI platform. This will encourage more customers to choose credit cards, benefiting from the convenience of UPI that was previously limited only to bank accounts.” Sanjeev added.
Kiwi is a payments platform offering users complete end-to-end lifecycle management of credit products on the app, onboarding to enabling payments using the issued ‘CC on UPI’ to rewards on repayment. The app offers card management facilities – blocking, setting limits, etc., allowing users to link their existing debit accounts to the app.
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September 29, 2023