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In an industry-first move, Razorpay has announced the platform’s readiness to support credit card transactions on Unified Payments Interface (UPI).
Now, with RuPay credit cards being enabled on UPI, Razorpay merchants can begin accepting credit card payments on UPI, with some changes to their existing setup. This development is enabled in partnership with Axis Bank.
At present, UPI enables customers to make transactions through their bank accounts. However, linking credit cards with UPI will ensure that customers will no longer have to carry their credit cards with them at all times for payments. Today, customers of HDFC Bank, Punjab National Bank, Union Bank and Indian Bank will be the first to enjoy the benefits of this innovation.
Shashank Kumar, MD & Co-founder, Razorpay, said, “India is one of the very few countries which have been able to foster innovation through directional regulation. As the leading player in this ecosystem, we have always thrived on swiftly bringing innovative products to market that would translate opportunities into exponential impact for our merchants and the country. This decision undertaken by the NPCI and RBI is set to have positive implications for both consumers and merchants, where they can transact and accept payments via credit cards on UPI. For this enablement to bring in the impact, the readiness of any payment gateway infrastructure is essential. Under this context, Razorpay has taken the first step towards democratsing credit card transactions on UPI for our merchants.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, said, “We are excited to partner with Razorpay to promptly facilitate acceptance of Credit Card payments through UPI on their large merchant base, supplementing NPCI’s goal of helping all RuPay credit card users. This will enable users to transact seamlessly with merchants across India on credit rails in line with the government’s vision to expand the structured credit infrastructure in India. This development is of vital importance to the ecosystem as we look to expand our suite of services whilst boosting India’s credit penetration.”
Established in 2014, Razorpay is a full-stack financial services company that helps Indian businesses with technology solutions to address the length and breadth of their payment and banking journey. The company said it provides technology payment solutions to over 8 million businesses. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million in the fintech company.
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