Razorpay merchants can start accepting credit card payments on UPI. Credit: RAZORPAY.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.