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PhonePe Enables Linkage of 200K RuPay Credit Cards to UPI, Processes Rs. 150 Crore in Transactions

The Busy Brains

30 May 2023

PhonePe, India's leading payments giant, achieves a milestone by linking 200,000 RuPay credit cards to the NPCI-developed UPI. Discover how PhonePe aims to promote RuPay Credit on UPI and its widespread acceptance across 12 million merchant outlets.

PhonePe, the prominent payments giant in India, has successfully enabled the linkage of 200,000 RuPay credit cards to the Unified Payments Interface (UPI) developed by the National Payments Corporation of India (NPCI). Additionally, PhonePe has processed a Total Payment Value (TPV) of Rs. 150 crore through RuPay Credit on UPI.

In an official statement, PhonePe expressed its commitment to offering a comprehensive range of solutions for RuPay Credit on UPI, in collaboration with NPCI. The company aims to popularize the usage of RuPay Credit among both customers and merchants.

With its efforts, PhonePe has ensured that RuPay Credit Cards can be accepted on UPI across a vast network of 12 million merchant outlets in the country. This achievement showcases the highest level of merchant penetration within the ecosystem.

PhonePe's relentless pursuit of seamless payment experiences has enabled the successful integration of RuPay Credit Cards with UPI, empowering users to make secure and convenient transactions. The company's vision is to drive the widespread adoption of RuPay Credit on UPI, contributing to the growth of digital payments in India.

Through its innovative solutions and extensive network, PhonePe continues to revolutionize the payment landscape and strengthen its position as a key player in India's digital economy.

Sonika Chandra, Vice President of Consumer Platform and Payments at PhonePe, said,

“We are thrilled to partner with the National Payments Corporation of India (NPCI) and become the first payments app to link two lakh RuPay credit cards to UPI. We believe that RuPay cards on UPI will revolutionize the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants. Similar to any other credit instrument, MDR is applicable for RuPay on UPI and our merchant partners are enthusiastically adopting and driving the use of RuPay among customers.”

#PhonePe #UPI #fintech

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