Indian fintech firm Razorpay has announced that it will enable merchants to make payments with credit card on Unified Payments Interface (UPI).
As the RuPay credit cards are now being supported on UPI, Razorpay merchants can start accepting credit card payments on UPI.
The merchants need to make some changes to their current setup in order to accept the payments. For the purpose, Razorpay formed a partnership with Axis Bank.
The latest offering was launched after Reserve Bank of India (RBI) allowed the linking of credit cards to UPI, beginning with the ones issued by the National Payments Corporation of India (NPCI).
In October this year, NCPI permitted RuPay credit cards to be linked with the BHIM UPI app.
Razorpay MD and co-founder Shashank Kumar said: “India is one of the very few countries which have been able to foster innovation through directional regulation.
“As the leading player in this ecosystem, we have always thrived on swiftly bringing innovative products to market that would translate opportunities into exponential impact for our merchants and the country.
“This decision undertaken by the NPCI and RBI is set to have positive implications for both consumers and merchants, where they can transact and accept payments via credit cards on UPI.”
Currently, around 250 million Indians use UPI, while nearly 50 million users in India have one or more credit cards.
In August this year, Razorpay bought Ezetap to foray into the offline payment space under a deal that was reportedly valued between $150m-$200m.