PhonePe, a leading digital payments app, recently achieved two significant milestones in the Indian market. Firstly, it became the first app to successfully link 200,000 RuPay credit cards to the Unified Payments Interface (UPI). This achievement signifies the integration of RuPay credit cards into PhonePe’s platform, allowing users to make seamless transactions using UPI. Additionally, PhonePe processed a Total Payment Value (TPV) of Rs. 150 crores through RuPay Credit on UPI, demonstrating the growing popularity of this payment method.
PhonePe aims to promote the usage of RuPay Credit on UPI among both customers and merchants by offering a comprehensive suite of solutions in collaboration with the National Payments Corporation of India (NPCI). The company has already enabled the acceptance of RuPay Credit Cards on UPI at 12 million merchant outlets across the country, achieving the highest penetration rate in the ecosystem. This widespread acceptance provides customers with ample opportunities to utilize their RuPay credit cards for transactions.
On the consumer side, PhonePe is actively driving adoption by providing seamless and intuitive nudges within its app. These contextual communications encourage customers to choose RuPay credit cards on UPI as their preferred payment option. Moving forward, PhonePe plans to work closely with NPCI to further expand the penetration of RuPay Credit in India by introducing enhanced functionalities.
Sonika Chandra, Vice President of Consumer Platform and Payments at PhonePe, expressed excitement about the partnership with NPCI and becoming the first payments app to link 200,000 RuPay credit cards to UPI. Chandra believes that RuPay cards on UPI will revolutionize access to credit in the ecosystem. PhonePe is committed to offering comprehensive solutions that cater to the evolving needs of both customers and merchants. As with any other credit instrument, Merchant Discount Rate (MDR) is applicable for RuPay on UPI, and merchant partners are enthusiastically adopting and promoting the use of RuPay among customers.
Overall, PhonePe’s achievements highlight its commitment to driving digital payments and facilitating the integration of RuPay credit cards into the UPI ecosystem. By providing widespread acceptance, intuitive user experiences, and collaborative efforts with NPCI, PhonePe aims to accelerate the adoption of RuPay Credit on UPI in India.
