Payments giant PhonePe links 200K RuPay credit cards to UPI

India's payments giant PhonePe has become the company to successfully enable the linkage of two lakh RuPay credit cards to the NPCI-developed UPI. In addition, PhonePe has also processed a Total Payment Value (TPV) of Rs.150 crore via RuPay Credit on UPI.

PhonePe, in a statement, said it aims to offer a comprehensive suite of solutions for RuPay Credit on UPI in partnership with NPCI to popularize its usage among customers and merchants alike.

The company claims to have enabled the acceptance of RuPay Credit Cards on UPI across 12 million merchant outlets in the country, achieving the highest merchant penetration in the ecosystem.

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.”

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