Kotak Mahindra Bank customers can now link their RuPay Credit Cards to UPI enabled apps, allowing for seamless and secure payments without the need for a physical credit card.

Kotak Mahindra Bank’s Integration of RuPay Credit Card on UPI: A Catalyst for Digital Payments

The recent announcement by Kotak Mahindra Bank Limited and the National Payments Corporation of India (NPCI) regarding the integration of Rupay Credit Card on the Unified Payments Interface (UPI) platform is a gamechanger initiative that has the potential to revolutionize the digital payments landscape in India. This seamless integration allows Kotak Mahindra Bank customers to use their RuPay Credit Cards on UPI-enabled apps, eliminating the need to carry their physical credit cards.

One of the key advantages of this integration is the convenience and security it offers to customers. By linking their RuPay Credit Cards to UPI, customers can make payments at merchant outlets with QR codes and POS devices across the country. This not only simplifies the payment process but also enhances security, as customers no longer need to rely on physical credit cards, which can be lost or stolen. Additionally, the RuPay Credit Card can be used for both e-commerce and in-store transactions, providing customers with a versatile payment option.

Furthermore, this integration has the potential to deepen credit penetration in the country, particularly in semi-urban and rural areas. By enabling customers to transact using UPI, regardless of their location, this initiative increases their purchasing power and brings greater financial inclusion to underserved communities. This aligns with the vision of UPI and NPCI to process a billion transactions a day, further driving the growth and usage of digital payments in India.

The rewards program offered on RuPay Credit Cards for UPI payments, coupled with an interest-free credit period of up to 50 days, incentivizes customers to embrace digital payments and leverage the benefits of this integration. The easy and secure linking of Kotak RuPay Credit Cards to UPI applications, such as BHIM, PhonePe, Paytm, Google Pay, Slice, and MobiKwik, provides customers with a wide range of options to choose from, ensuring flexibility and accessibility.

Kotak Mahindra Bank’s commitment to expanding its RuPay portfolio is commendable, as it recognizes the growing popularity and acceptance of RuPay cards in the market. This integration not only offers convenience and security to customers but also opens up new possibilities for merchants to receive payments through credit cards. By fostering partnerships and continuously enhancing their credit card offerings on the RuPay network, Kotak Mahindra Bank is poised to play a significant role in driving the digital payments revolution in India.

In conclusion, the integration of Kotak Mahindra Bank‘s RuPay Credit Card on UPI is a significant milestone in the growth trajectory of both RuPay and UPI. This initiative empowers customers with the convenience of UPI and credit cards on a single platform while expanding the reach and usage of digital payments. It is a positive step towards realizing the goal of a digitally enabled credit card lifecycle experience. With its potential to deepen credit penetration, enhance financial inclusion, and drive the adoption of digital payments, this integration is set to create a transformative impact on India’s economy.

Kotak Mahindra Bank Limited (“KMBL”/”Kotak”) and National Payments Corporation of India (NPCI) today announced that Kotak customers can now use their RuPay Credit Card on UPI with UPI enabled Apps.

Kotak Mahindra Bank customers can select from seven RuPay Credit Cards to use seamlessly on UPI. With the linkage of Kotak RuPay Credit Cards on UPI, customers would not need to use their physical Credit Card.

Kotak Bank customers can make payments from the UPI app at merchant outlets with QR codes and POS devices across the country. This integration offers several advantages as Kotak RuPay Credit Card on UPI transactions are not only simple but also secure given that customers are not required carry the physical credit card. Additionally, the RuPay Credit Card can also be used to make payments for e-commerce transactions as well as in-store transactions.

Frederick Dsouza, Business Head – Credit Cards, Kotak Mahindra Bank Ltd. said “RuPay Credit Card on UPI is a gamechanger initiative. With Kotak’s Rupay Credit Cards going live on UPI, we offer our customers the convenience of UPI and credit card in a single platform. This also opens a wider network of merchants receiving payments on credit cards. UPI has the potential to deepen credit penetration in the country, especially in semi-urban and rural areas. This will increase purchasing power of customers as well as provide convenience of transacting from wherever they are, instantly using UPI. We are excited about our partnership with RuPay and are committed to offering more rewarding credit cards on the RuPay network in the time to come.”

Rajeeth Pillai, Chief Relationship Management and Marketing, NPCI said, “The addition of Kotak Mahindra Bank Credit Cards on UPI rails is a big milestone in the growth trajectory of both RuPay and UPI. We believe linking RuPay Credit Card on UPI will provide a seamless, digitally enabled credit card lifecycle experience to the customers and will further deepen the reach and usage of digital payments. We are confident this will bring us closer to our aim of processing a billion transactions a day on the UPI platform.”

Customers can earn rewards on their RuPay Credit Card for UPI payments as well as get an interest-free credit period of upto 50 days. Kotak RuPay Credit Cards will be linked to a Virtual Payment Address (VPA) i.e. UPI ID, thus enabling safe and secure payment transactions. Customers can directly link their credit cards with the UPI applications of their choice, such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, etc.

Kotak Mahindra Bank has been actively scaling up its Rupay portfolio in the recent times. The Bank has multiple offerings on RuPay in its proprietary product portfolio, including RuPay variants of co-branded credit cards with IndianOil as well as METRO Cash & Carry India.

A Kotak RuPay Credit Card can be availed easily in minutes. To apply, click here: https://www.kotak.com/en/personal-banking/cards/credit-cards.html

Ø Open PSP UPI App > Login with Passcode or Biometrics

Ø Select profile or payment methods > Link Rupay Credit Card

Ø Select Kotak Mahindra Bank

Ø Select your credit card and confirm

Ø Click to view account > Click on Set PIN option under Kotak Credit Card

Ø Set UPI Pin and you are ready

Ø Scan merchant UPI QR code

Ø Enter amount & select credit account

Ø Select RuPay Credit account, enter UPI Pin and confirm.