Paytm Payments Bank Limited (PPBL), announced that it has collaborated with NPCI to introduce ‘RuPay Credit Card on UPI’, thus enabling users to link RuPay credit cards to UPI for all merchant payments. With this, the Bank has empowered users with convenient payments through greater acceptance of RuPay credit cards, strengthening the credit card ecosystem in India.
Paytm Payments Bank continues to be a leader in UPI as the largest merchant acquiring and beneficiary bank, and one of the leading remitter banks. In UPI, the Bank is a leader in P2M (peer to merchant) transactions, with the highest merchant partners in its ecosystem. The introduction of UPI payments on RuPay Credit Card is another step in the Bank’s innovative journey to bring the best features to consumers.
With the linkage of RuPay Credit Cards on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
The Reserve Bank of India approved linking of RuPay credit cards with UPI for a digitally enabled credit card lifecycle experience for users. For seamless and secure transactions, users need to link their RuPay credit card to their UPI ID. After linking the RuPay credit card to UPI ID, users can simply pay the merchants by scanning the UPI-enabled QR code via Paytm app, eliminating the need to carry cards all the time. Both offline and online payments will become faster as transactions can be done using the UPI ID linked to the RuPay credit card in a hassle-free manner.
Praveena Rai, COO, NPCI said, “RuPay Credit Cards on UPI provide an unmatched user experience by combining the ease of UPI with RuPay Credit Cards. The rewards and benefits of RuPay Credit Cards will further be enhanced with the experience of digital enablement and convenience of making all types of payments through a single UPI app. This will lead to a widespread usage of RuPay credit cards with convenient and faster payments across online and offline modes. We are very excited to launch RuPay Credit Cards on UPI with our home-grown Paytm Payments Bank.”
Surinder Chawla, MD and CEO, Paytm Payments Bank said, “As the leader in UPI, being the top beneficiary and acquirer bank with the largest P2M transactions, we are taking UPI to every nook and corner of the country. We are launching payments through RuPay Credit Card on UPI in partnership with NPCI, and believe that this will enable convenience of payments, while also leading to greater penetration of the credit ecosystem in India.”
PPBL remained the largest UPI beneficiary bank for 19 months in a row with over 1,726.94 million transactions in December 2022, ahead of all other banks in the country. With 386.50 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions according to NPCI’s latest report, strongly supporting the growth of P2P as well as the merchant payment ecosystem in the country. PPBL is one of the leading issuers and acquirer banks for National Electronics Toll Collection (NETC) FASTag. As an Issuer Bank, PPBL has processed 61.15 million transactions and as an acquirer, it has processed 50.58 million transactions in December 2022.