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Razorpay allows merchants to accept credit card payments via UPI
December 06, 2022
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.
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