Rio.money launches UPI app, partners with Yes Bank, NPCI to introduce co-branded credit card

Indian fintech firm Rio recently announced the launch of its UPI app, providing users with seamless access to credit for UPI payments.

In parallel, Rio has partnered with Yes Bank and UPI developer NPCI to introduce the co-branded Yes Bank Rio RuPay Credit Card.

The partnership aims to revolutionize the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI.

Catering to the growing demand of users

The Yes Bank Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to Rs 5 lakh.

The partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities.

The firm claims that it received applications from over 244 cities across India, with 60% from Tier 2 and Tier 3 cities within a month of its beta launch.

Leadership comments

"Rio will become the favourite UPI App for millions of users in India that lead an aspirational lifestyle and love affordability products. We are building a brand that they love and use everyday. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India," said Riya Bhattacharya, Co-founder and CEO of Rio Money.

"With the launch of Credit-on-UPI, we are pioneering a lifestyle product that will redefine cash flow management for 600 million Indians. We expect this market to grow into a $350 billion opportunity, subsuming other credit and payment products," Bhattacharya added.

"We are thrilled to offer this co-branded credit card to Rio users. It's truly the credit card of choice, linking with UPI and unlocking the true potential of payments. The credit card provides rich benefits in the form of simple cashbacks and a host of exciting offers which are compelling for users for their regular spends," said Anil Singh, Country Head – Credit Cards and Merchant Acquiring, Yes Bank.

Aiming to capture a large share of the UPI-led credit market

With UPI-led credit cards becoming increasingly popular, Rio aims to capture a large share of this burgeoning market. Experts estimate that credit on UPI will outgrow traditional credit products, creating a $1 trillion opportunity by 2030.

Currently, UPI is accepted at over 100 million merchant locations, far surpassing the 10 million point-of-sale (POS) machines that support traditional credit cards.

The adoption of UPI-led credit is already skyrocketing, with the largest listed credit card issuer reporting a 50% quarter-on-quarter growth in this segment.