Back to TSCFM News

Razorpay allows merchants to accept credit card payments via UPI

December 06, 2022

Razorpay allows merchants to accept credit card payments via UPI
Fintech platform Razorpay on Monday announced an industry-first move to enable merchants to accept credit card transactions on unified payments interface (UPI), as the digital payments landscape witnesses a stupendous growth.

With RuPay credit cards being enabled on UPI, Razorpay merchants can begin accepting credit card payments on UPI, with minimal changes to their existing setup.

The company said that move is made possible in partnership with Axis bank, which shares Razorpay’s focus on catering to the ever-evolving needs of merchants and delivering greater convenience.

This offering is in line with the National Payments Corporation of India (NPCI) and the Reserve Bank of India’s (RBI) latest innovation in the digital space, said the company. On October 4, the NPCI allowed the linking of RuPay credit cards with the BHIM UPI app.

“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 democratising credit card transactions on UPI for our merchants,” said Shashank Kumar, MD and Co-founder, Razorpay.

Approximately 250 million Indians use UPI for their day-to-day transactions, and nearly 50 million users have one or more credit cards.

Important Links:

Recommended for you ...

VodaIdea approaches banks for loans after equity conversion by govt
VodaIdea approaches banks for loans after equity conversion by govt

February 07, 2023

Google introduces AI Chatbot Bard
Google introduces AI Chatbot Bard

February 07, 2023

Priorities for increased customer centricity in Banking
Priorities for increased customer centricity in Banking

February 07, 2023

Enquire Now
REQUEST A CALLBACK
Chat on WhatsApp