Correct Answer : Razorpay
Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses today. With the aim to further strengthen digital payments and boost India’s credit penetration, the platform announced its readiness to support Credit Card Transactions on Unified Payments Interface (UPI).
With this launch, Razorpay becomes India’s First PG to support Credit Cards on UPI. Today, customers of HDFC Bank, Punjab National Bank, Union Bank and Indian Bank will be the first to enjoy the benefits of this innovation.
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. Now, 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.
This disruption, which shares Razorpay’s focus on catering to the ever-evolving needs of merchants and delivering greater convenience, is made possible 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.
Approximately 250 million Indians use UPI for
their day-to-day transactions, and
nearly 50 million users have one or more credit cards. The financial regulator’s move is set to offer customers the best of both worlds – the seamless payment experience of UPI with the benefits of short-term credit and the rewards of cards..
Source : Indian Express
