Razorpay First Payment Gateway to Support Credit Card on UPI

Razorpay becomes India’s first Payment gateway to support credit cards on the Unified Payment Interface (UPI). Razorpay in its partnership with Axis Bank has recently announced its readiness to support Credit Card on UPI platform. Earlier, Reserve Bank of India has announced the linking the RuPay Credit Cards to BHIM (Bharat Interface for Money) UPI application.

• There will be no need to carry credit cards for payments which further provide ease to consumers.
• It will strengthen digital payments and also boost India’s credit penetration.

• RBI will introduce ‘single-block and multiple debits’ features on UPI platform.
• Under this, customer will create payment mandate against a merchant by blocking funds in their bank account for specific purpose which can be debited, whenever needed.
• It will improve ease of making payment for online shopping and build further trust among consumers.
• RBI has also announced an expansion of Bharat Bill Payment System (BBPS) to include all payments and collections. BBPS is a one-stop platform for all recurring bills with multiple features.

• Unified Payment Interface (UPI) is a real-time payment interface, launched in 2016 by National Payment Corporation of India (NPCI).
• UPI links multiple bank accounts into a single mobile application.

• National Payment Corporation of India (NPCI) is an initiative of RBI and Indian Banking Association (IBA) under Payment and Settlement Act 2007.
• NPCI is an umbrella organisation for operating retail payments and settlement system in India.
• Various Initiatives of NPCI
  • RuPay : It is India’s domestic payment card with a magnetic strip, acceptable at all ATMs.
  • National Common Mobility Card : also called as RuPay contactless card that allow their users to use their card in contactless payment terminals.
  • Bharat Interface for Money : BHIM is a mobile payment application based on NPCI’S UPI.
  • UPI : an instant inter-bank payment system that provide mobile platform for instant transfer of funds between two bank accounts.
  • Bharat Bill Payment System (BBPS) : provides interoperable and accessible recurring bill payment services.