Rio.money launches UPI App; brings co-branded credit card with YES BANK & NPCI

By Gloria Mathias

Rio, a fast-growing FinTech platform, has announced the launch of its UPI app. The app provides users with seamless access to credit for UPI payments.

In parallel, Rio has partnered with YES BANK and NPCI to introduce the co-branded YES BANK Rio RuPay Credit Card. This partnership aims to revolutionise the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI.

The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to ₹5 lakh. This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities.

Riya Bhattacharya, Co-founder and CEO of Rio Money, said, “Rio will become the favourite UPI app for millions of users in India that lead an aspirational lifestyle and love affordability products. We are building a brand that they love and use every day. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India. With the launch of Credit-on-UPI, we are pioneering a lifestyle product that will redefine cash flow management for 600 million Indians. We expect this market to grow into a $350 billion opportunity, subsuming other credit and payment products.”

As UPI transactions are poised to increase tenfold from 0.5 billion daily transactions, Rio is positioned to be a key enabler of credit products via UPI and will cater to over 100 million users in the next five years.

Nalin Bansal, Chief of Corporate and FinTech Relationships and Key Initiatives at NPCI added, “We are happy to partner with the energetic team at Rio, one of the new FinTechs who have successfully launched a credit-focused products on UPI. While they are going to drive penetration through cashback and other benefits, their value proposition focused on new consumer acquisition through friends and family, which we believe will drive a lot of responsible credit uptake.”