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Axis Bank announced that it has effectively facilitated the connection of RuPay credit cards with the Unified Payments Interface (UPI) in a statement released on Tuesday.
The bank has announced that customers can now choose to utilize their RuPay credit card as a payment method while scanning UPI QR codes or at a merchant’s UPI checkout page. This functionality allows customers to earn credit card rewards, and the bank plans to introduce it gradually.
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Joining the likes of Canara Bank, HDFC Bank, Indian Bank, Punjab National Bank, and Union Bank of India, Axis Bank has now also added the feature of linking RuPay credit cards with UPI, making it the latest entrant on the list of banks providing this service to customers.
According to Sanjeev Moghe, who serves as the President and Head of Cards & Payments at Axis Bank, the integration of RuPay credit cards with UPI will enhance its acceptance through a vast network of five crore UPI merchants, as approximately 250 million customers use UPI for their peer-to-peer and merchant payments. Moghe further stated that this move will provide customers with more options for utilizing their credit cards.
Moghe explained that up until now, customers were only able to make scan & pay and other forms of UPI merchant payments through their bank accounts. However, moving forward, UPI will serve as a standalone payment gateway, enabling users to link various payment instruments such as bank accounts, credit cards, and prepaid payment instruments (PPI) wallets.
According to Moghe, the integration of RuPay credit cards with UPI is advantageous not only for customers but also for merchants, particularly those in semi-urban areas where card point-of-sale terminals are not commonly accessible. UPI serves as a cost-effective, asset-light payment acceptance solution, making it an attractive option for such merchants.
During April, UPI transactions witnessed a significant year-on-year growth of 43%, reaching a record value of Rs. 14.1 trillion. Furthermore, the overall transaction volume also saw a surge of 59% year-on-year, setting a new high of 8.9 billion.
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