Latest news with #UPI-enabled
Mint
6 days ago
- Business
- Mint
UPI credit line explained: Benefits, eligibility, and how to apply
The UPI, an important part of India's paperless economy, has appeared in an ever-changing digital banking environment. Building on this model, the UPI credit line rollout allows for a seamless transition to include credit facilities into everyday transactions. The UPI credit line is a pre-approved credit facility that connects to a user's UPI account. It allows an individual to access borrowed funds for a payment or purchase that is then repaid later. This system eliminates the need for a readily accessible traditional credit card; it offers an easier-to-use and more accessible form of credit. Easy integration: Borrowers will have easy access to their funds by simply linking their credit line to any app using UPI. Flexible repayment: Borrowers will have the option to pay back the entire amount of credit used or pay parts of it off using the flexibility they have with their own finances. Safe money movement: Adding another layer of protection, each transaction will be verified with a unique UPI PIN. Widespread use: You can use the credit line to pay for business through use of e-commerce platforms or by scanning QR codes. Potential applicants for the UPI credit line would be expected to meet the following definitive qualifications: Age: The applicant must be eighteen years of age at the time they apply for the credit line. The applicant must be eighteen years of age at the time they apply for the credit line. Bank account: The applicant must have a checking or savings account at a bank that holds a UPI credit line account. The applicant must have a checking or savings account at a bank that holds a UPI credit line account. Credit score : The assessment on whether a person has good credit history by the bank is a reasonable indicator of creditworthiness. The assessment on whether a person has good credit history by the bank is a reasonable indicator of creditworthiness. KYC: The applicant must complete the KYC process, which means they are to provide proof of address information and identifying documentation. Open UPI app: Open your chosen UPI-enabled app, e.g. Google Pay, PhonePe or Paytm. Find the credit services section: Go to the area in the app named 'loan' or 'credit'. Apply for a credit line: After selecting to apply for a credit line, input the appropriate financial and personal information. Complete KYC: Undertake the KYC process which could include documenting identity and the verification process. Link and use: Once approved, the credit line is linked to your UPI account and available for use in the transactions. Accessible: Offers an alternative to regular credit cards and can be an advantage for those who struggle to access traditional credit. Offers an alternative to regular credit cards and can be an advantage for those who struggle to access traditional credit. Convenient: Allows people to access credit quickly and easily and does not require paper receipts or physical cards. Allows people to access credit quickly and easily and does not require paper receipts or physical cards. Financial inclusion: The goal is to increase the number of people that can access formal credit in a way to enable greater participation in the economy. The goal is to increase the number of people that can access formal credit in a way to enable greater participation in the economy. Cheap: Could be less than standard credit products because of the interest rate and fees. Guidelines for usage: Credit lines may not support peer-to-peer transfers since credit lines are generally for merchant transactions. Credit lines may not support peer-to-peer transfers since credit lines are generally for merchant transactions. Impact to credit: There is a risk to your credit score if you don't repay your utilised credit on time. There is a risk to your credit score if you don't repay your utilised credit on time. Availability: The UPI credit line feature is not supported by all banks, or all UPI applications. In conclusion, the UPI credit line is an exciting development in the digital finance space in India. It is a convenient and flexible credit solution that can be integrated into day to day transactions easily. This feature could potentially increase financial inclusion, and allow customers to better manage their financial obligations, leveraging UPI"s wide acceptance. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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Business Standard
23-05-2025
- Business
- Business Standard
No annual fee, 3% cashback: Axis Bank-super.money RuPay credit card is here
Axis Bank — one of the country's top private sector banks — has partnered with the Flipkart Group's credit-first UPI platform, to launch a new lifetime-free co-branded RuPay credit card. This payment solution blends high rewards, UPI-enabled convenience, and zero annual fees, making it a compelling choice for users looking to maximize value on everyday spending. The Axis Bank RuPay Credit Card supports UPI, POS terminals, online purchases, and ATM withdrawals, giving users the freedom to transact anywhere — digitally or physically. Its standout feature is a 3% cashback on UPI-based 'Scan & Pay' transactions via the app, and a 1% cashback on all other eligible spending categories. Key benefits for users: 3% cashback on QR code-based credit transactions made using the app 1% cashback on all other spending (excluding standard exclusions such as fuel surcharge) Rs 500 cashback cap per billing cycle 1% fuel surcharge waiver on transactions between ₹400 and ₹4,000 (up to ₹400 per cycle) No joining or annual fees, making the card lifetime free Availble in both digital and physical formats The card runs on RuPay, India's indigenous card payment network, which has seen massive adoption thanks to its integration with UPI. What sets it apart? This is not just another cashback credit card. It taps into India's growing UPI-first ecosystem, allowing credit card holders to earn rewards not only on traditional card swipes but also on UPI QR scans — something not typically offered by other credit cards in the market. It's a win for users who prefer QR-code payments but also want to benefit from credit card perks. For example, a customer spending Rs 10,000 monthly via UPI QR scans through the app can earn Rs 300 in cashback. Over a year, that adds up to Rs 3,600 in direct savings — with no fees involved. Why it matters? As consumers increasingly adopt UPI for day-to-day payments — from groceries to local transport — the Axis Bank RuPay Credit Card bridges the gap between UPI convenience and credit card rewards. How to Get It: Interested customers can apply directly through the app, where onboarding is expected to be fully digital, hassle-free, and instant. The credit card will also be available through Axis Bank's platforms. "The card offers unparalleled benefits, including FLAT 3% cashback, making it a game-changer for users seeking maximum value from any transaction," said Prakash Sikaria, Founder & CEO of RBI data reveals at end-February 2025, the number of credit cards has more than doubled to around 10.93 crore as compared to December 2019, when there were 5.53 crore cards in circulation.
Time of India
09-05-2025
- Business
- Time of India
BMRCL enhances safety, accessibility at metro stations
Bangalore Metro Rail Corporation Limited BMRCL CCTV AI-powered video analytics Maheshwar Rao digital transformation Baiyappanahalli Metro Station In a significant step towards strengthening passenger safety and improving service efficiency,) has deployed an advancedsurveillance system and introduced self-service ticket machines across its network.A new high-tech surveillance system has been commissioned across six key metro stations between Baiyappanahalli and MG Road. Launched on May 6, the system includesand Automatic Number Plate Recognition (ANPR) technology to enhance security across station premises. In addition to monitoring station interiors, the surveillance covers the station perimeters, enabling metro authorities to maintain round-the-clock situational awareness and detect potential threats in real time. 'The safety of our passengers is of utmost importance,' said M, Managing Director, BMRCL. 'The integration of AI-based surveillance and ANPR technology equips us with the tools to act swiftly and ensure a secure environment across the metro network.'Alongside safety upgrades, BMRCL has taken another leap towardsby introducing 10 Self-Service Ticket Machines at. These machines are designed to offer fast, contactless, and user-friendly ticketing through a simple two-step process. Commuters can select their destination using a route map or dropdown menu, confirm passenger details, and make payments through any UPI-enabled mobile application. The machine then issues a paper QR ticket, which can be scanned at both entry and exit gates. 'This initiative aims to gradually phase out traditional single journey tokens, reduce waiting time, and promote eco-friendly practices by encouraging commuters to dispose of used paper tickets in designated bins,' a BMRCL official said. The official added that these efforts reflect the ongoing commitment to embracing smart, sustainable, and commuter-friendly technologies.
Deccan Herald
08-05-2025
- Business
- Deccan Herald
Post offices misaligned with digital reality
In today's rapidly digitising economy, where cashless transactions have become the norm rather than the exception, India Post's continued reliance on cash payments in many of its branches is an alarming anachronism. As the most extensive postal network in the world, with over 1.5 lakh post offices, 90% of them located in rural areas, India Post plays a dual role both as a communication lifeline and a crucial financial services provider for millions. Yet, despite its unparalleled reach and historical significance, the organisation risks losing relevance by failing to implement comprehensive digital payment solutions across its branches. The digital payments landscape has undergone a tectonic shift in recent years. Post-Covid, digital payments have increased at a staggering Compound Annual Growth Rate (CAGR) of 44%. United Payments Interface (UPI) alone processes over 10 billion transactions monthly, with even street vendors and small kirana stores now accepting digital payments. In this context, India Post's inconsistent infrastructure where many sub-post offices operate on a cash-only basis stands out as a glaring anomaly in an otherwise digitally inclusive India Post has made some efforts towards digitisation, these initiatives remain woefully inadequate. Dynamic QR codes for services like speed post, parcels, and registered post have been introduced in select post offices, leaving thousands of branch offices without basic cashless payment options. The withdrawal of static QR codes due to technical issues has compounded the problem. Customers are thus forced to access nearby ATMs or scramble for change. India Post officers acknowledge these gaps, admitting that promises of a new UPI-enabled software have been made but not fully implemented. Customers frequently express frustration, as the lack of digital payment options not only causes inconvenience but undermines confidence in a system that many rely on for both postal and financial services. Given that India Post plays a crucial role in last-mile banking, particularly for the poor and rural populations, this technological stagnation is India Post to maintain its position as a trusted public institution, immediate and comprehensive digitisation is non-negotiable. The organisation must accelerate UPI integration across branches, not just in urban head offices. It should develop offline digital payment solutions for areas with poor connectivity and train staff to ensure the smooth adoption of technology. With private courier companies and digital alternatives eroding India Post's traditional strengths, the organisation must fully embrace the digital revolution or risk becoming obsolete. India Post has been doing its best to remain relevant under the changed circumstances, but it must keep pace with the times if it is to survive.
Business Standard
30-04-2025
- Business
- Business Standard
Why UPI and Cashback Are Changing the Game in Mobile Recharge Apps
The digital revolution in India has transformed mobile payments. Mobile recharge UPI bill payments and cashback features now offer a smarter, faster, and more rewarding experience, combining real-time transactions with tangible savings for users. With the growing use of mobile recharge apps, users no longer settle for just convenience. They expect benefits, value, and control with every recharge. That's where mobile recharge cashback app solutions come in, giving users incentives for actions they're already performing regularly. How UPI Has Simplified Mobile Recharges UPI has revolutionized mobile recharges in India by eliminating barriers like card details and wallet balances. Payments are linked directly to bank accounts, authenticated with a UPI PIN, and confirmed instantly. Recharging via UPI-enabled apps takes less than a minute, from entering details to reflecting the transaction. What Cashback Means for Recharge Users Cashback isn't just a gimmick; for frequent rechargers or bill payers, savings add up fast. Mobile recharge apps offer instant cashback or wallet credits with each recharge or bill payment, making every transaction more rewarding. Why it matters: Reduces the effective cost of every recharge Makes app usage more frequent and habit-forming Encourages users to explore other app features Gives budget-conscious users a reason to stay loyal Cashback transforms a mundane task into a rewarding routine, boosting engagement in a crowded app market. The UPI-Cashback Combo: A Perfect Pairing When mobile recharge apps combine UPI payments with cashback offers, users get the best of both worlds: Fast and seamless checkout Safe, secure, and error-free transactions No additional charges Savings or credits earned with every payment This is especially useful for users in prepaid households or businesses with multiple mobile numbers. Key Features of a Smart Recharge App in 2024 When exploring new apps, look for these features: UPI integration, Automatic plan detection Clear cashback terms Promo code support In-app wallet real-time receipts These features save money and enhance the overall user experience. Use Case: Monthly Savings for the Average User Consider Riya, who manages prepaid recharges for her family of four. Each month she recharges ₹299 for each number. Instead of using a telecom website or going to a store, she uses a mobile recharge app that supports UPI and offers cashback. Each transaction earns ₹20 cashback That's ₹80 in savings every month, or ₹960 annually She also gets additional rewards during festival offers or with referrals For someone making recharges anyway, these savings are effortless and recurring—without changing how she uses her phone. UPI: Built for Trust and Security Security is a big concern for mobile app users entering their payment details. UPI addresses this through: End-to-end encryption Secure bank authentication (no need to save card info) Two-factor approval via UPI PIN Instant notifications for every transaction Apps offering mobile recharge UPI bill payment functionality also avoid the risk of failed transactions due to server issues or wallet load limits, improving trust and repeat usage. How Cashback Encourages Smarter Spending Smart users don't just use cashback to save—they also use it strategically: Roll over cashback into future recharges Combine it with promo codes for higher value Refer friends to earn bonuses and credits Recharge during cashback campaigns to unlock tiered rewards Apps often run special events, offering additional cashback during certain dates or for using specific payment methods—UPI being one of the most promoted. Avoiding Common Pitfalls While the UPI-cashback model is powerful, users should keep a few things in mind: Read offer terms carefully: Cashback may be conditional on minimum amount or payment method Don't delay recharges hoping for a better offer—use what's available Choose trusted apps only—avoid unknown or unverified sources promising unusually high cashback Use secured UPI apps and never share your UPI PIN or OTP with anyone Awareness ensures you make the most of the benefits without compromising your data or funds. Who Should Use These Features? If you're one of the following, a UPI-compatible cashback recharge app is a must-have: Frequent rechargers managing multiple SIMs or family numbers Postpaid bill payers looking to save on monthly dues Students and freelancers managing their data packs on a budget Small business owners who handle team phone expenses Parents handling kids' phone data and validity For these groups, consistent use of a rewards-driven UPI recharge app means lower costs and better control every month. Final Thoughts Recharge apps in India have evolved beyond just keeping phones active. With mobile recharge UPI bill payments and cashback features, users can save money, earn rewards, and enjoy quick, secure transactions. As demand for value grows, these apps will continue to improve, making it easier to earn while recharging.
