Union Bank launches Union MSME RuPay Credit Card

By Leandra Monteiro

With an aim to provide digital delivery of Finance to Micro, Small & Medium Enterprises (MSMEs) in the current phase of progression towards a digital economy, Union Bank of India in association with National Payments Corporation of India (NPCI) has launched ‘Union MSME RuPay Credit Card’. The dedicated card for MSMEs is available to eligible borrowers of Union Bank and will provide a simplified payment mechanism to MSMEs to meet their business-related operational expenses.

With Union MSME RuPay Credit Card, the MSME borrowers will be able to enjoy an interest-free credit period of up to 50 days on their business spends. The card also offers the EMI facility to the customers on their business-related purchases. MSMEs will also get specially curated efficient business services on this card which will help them in taking their business on most of the digital platforms. Additionally, they will also be benefitted in the form of accidental insurance coverage of upto INR 1 million, domestic airport lounge access of 2 per quarter, and other rewards using this card.

Shri Nidhu Saxena, Executive Director, Union Bank of India said, “To improve the digital delivery channel in servicing the MSME clientele in fast growing tech-savvy economy, Union Bank of India, in partnership with NPCI, has launched Union MSME Credit Card, a first of its kind in the Industry. This credit card will reduce the demand for cash withdrawal by MSME for business expenses besides simplifying their payment mechanism. With the newly launched Credit Card facility coupled with the regular working capital limits, MSMEs can reap the benefits of best in class products being made available to them by the Bank.

Praveena Rai, Chief Operating Officer, NPCI said, “We are delighted to partner with Union Bank to launch the Union MSME RuPay Credit Card. We believe this initiative will digitally empower MSMEs and help them streamline their regular business expenditure and finances. MSMEs are considered to be the backbone of the economy and we are confident that this card will support MSME with convenient, credit card digital payments.  RuPay MSME cards will also support the businesses in their journey of contemporary digitisation. We are also excited to witness the portfolio expansion of RuPay from retail users to business users. At NPCI, we are committed to providing a safe, seamless and delightful purchase experience to all our RuPay users.”