Axis Bank enables UPI for Rupay credit cards

Mumbai: Axis Bank, the third-largest private sector bank, has announced the integration of RuPay Credit Card support on UPI, enabling customers to earn reward points on UPI transactions.

With the integration, Axis Bank credit card holders can use their RuPay Credit Card to make payments by scanning UPI QR codes or at the merchant's UPI checkout page. This facility will allow Axis Bank customers greater flexibility in payment options while allowing them to earn credit card rewards.

The integration works similarly to linking bank accounts to UPI. Customers can select "Axis Bank Credit Card" as their preferred bank option for credit card payments in their UPI apps. The customer's linked RuPay Credit Card will then be displayed, and the customer can generate a separate UPI PIN.

Currently, the feature will only work with UPI apps that support the RuPay Credit Card feature and for customers with RuPay Credit Cards from Axis Bank.

Commenting on the launch, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, stated, "The linkage of RuPay Credit Cards with UPI will lead to a rise in acceptability through the vast network of five crores UPI merchants, providing customers with more points of acceptance of their credit cards." Until now, such customers could only use their bank accounts for all Scan & Pay and other forms of UPI merchant payments.

"In the future, UPI can act as a standalone payment gateway where various forms of payment instruments like Bank Accounts, Credit Cards, and pre-paid instrument wallets can be linked," said Moghe.

According to Praveena Rai, COO, NPCI, RuPay Credit Card on UPI opens doors to new opportunities for consumers seeking credit solutions. RBI's Payments Vision for 2025 forecasts credit-based payment transactions to grow 16% year-on-year for the next four years. Only a limited number of UPI apps currently support RuPay Credit Cards on UPI, and more UPI apps are expected to enable this solution soon.