MobiKwik launches UPI Payment with RuPay Credit Card
UPI allows users to use multiple bank accounts on the same platform. Till 2022, credit cards couldn’t be used on UPI. In June 2022, the Reserve Bank of India allowed linking credit cards with UPI. Following this, MobiKwik is the first company to launch this feature. Now you can use RuPay credit cards issued by MobiKwik on UPI.
About the launch
MobiKwik is a Fintech company that provides digital wallet services and phone-based payment services. The company recently added a feature to its app where customers can use their RuPay credit cards on UPI. This is the first time this is being done in India.
UPI Payment with RuPay Credit Card
UPI is Unified Payments Interface, meaning you can use multiple bank accounts on the same platform. With UPI, you need not provide account numbers or IFSC codes during transactions. It was developed by the National Payment Corporation of India. Say you downloaded the UPI app. And linked your SBI account, and Canara Bank accounts with the app. So far, with UPI you can use internet banking (of SBI or CANARA), and debit card (of SBI or CANARA) transactions for shopping. But cannot use credit cards. Now with RBI changing the rules, you can use credit cards as well. After RBI changed the rue, MobiKwik is the first fintech to launch this. Other companies are yet to launch.
Category: Economy & Banking Current Affairs - 2022