CRED, in collaboration with NPCI, has allowed all its members to use their RuPay credit cards to make UPI payments using the application.
This functionality, according to CRED, will give users three benefits. They can now utilize credit cards instead of bank accounts, allowing them to save amounts for extended periods of time. It also eliminates the need for users to carry physical cards and allows them to earn additional points on their credit cards and CRED.
“The integration of RuPay Credit Cards with UPI has revolutionized the way credit is consumed, propelling the adoption of digital payments, backed by credit, in the country,” said Praveena Rai, Chief Operating Officer of NPCI.
The integration of our second domestic invention, RuPay, will unlock the next development stage for India’s digitalization journey, according to Kunal Shah, creator of CRED. “The destination is a world where intent and ability to transact are all that matter, and transactors have true freedom and control over their spending decisions,” he explained.
CRED users now have a variety of UPI payment options, including attaching their RuPay Credit Card, P2P, Scan & Pay, and purchasing on online retailers. “The CRED app is today the 4th most preferred UPI app,” the business claimed.
According to the latest Reserve Bank of India bulletin and notification, announced in June 2023, UPI accounts for more than 75% of retail digital transaction volume in 2022-23. This is expected to increase to 90% in five years. “The convergence of credit card and UPI is likely to accelerate the increase in the average transaction value as well,” Shah added.