PhonePe Sets New Milestones as the First Payment App to Link Two Lakh RuPay Credit Cards to UPI
National : PhonePe, a leading digital payments app, has achieved two remarkable milestones by becoming the first platform to successfully link two lakh RuPay credit cards to the Unified Payments Interface (UPI). In addition, the company has processed an impressive Total Payment Value (TPV) of Rs.150 crore through RuPay Credit on UPI.
PhonePe’s accomplishment signifies a significant step towards popularizing the usage of RuPay Credit on UPI among both customers and merchants. The company has collaborated with the National Payments Corporation of India (NPCI) to offer a comprehensive suite of solutions for RuPay Credit on UPI, aiming to drive adoption across the nation. Notably, PhonePe has enabled the acceptance of RuPay Credit Cards on UPI at a staggering 12 million merchant outlets, achieving the highest merchant penetration in the ecosystem.
The widespread acceptance of UPI has provided customers with ample opportunities to utilize their RuPay credit cards for transactions. PhonePe is playing a pivotal role in driving adoption by leveraging its seamless and intuitive nudges on the PhonePe App, encouraging customers to embrace RuPay credit cards through UPI as their preferred payment option. Looking ahead, PhonePe remains committed to closely collaborating with NPCI to further expand the penetration of RuPay Credit in the country through enhanced functionalities.
Sonika Chandra, Vice President Consumer Platform and Payments at PhonePe, expressed her excitement about the achievement, stating, “We are thrilled to partner with the National Payments Corporation of India (NPCI) and become the first payments app to link two lakh RuPay credit cards to UPI. We believe that RuPay cards on UPI will revolutionize the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants. Similar to any other credit instrument, MDR is applicable for RuPay on UPI, and our merchant partners are enthusiastically adopting and driving the use of RuPay among customers.”
PhonePe’s groundbreaking achievement demonstrates its dedication to innovation and its commitment to providing customers and merchants with convenient and secure payment solutions. As the first payment app to link such a significant number of RuPay credit cards to UPI, PhonePe continues to shape the future of digital payments in India.
