Unity Bank & BharatPe Partner to Launch India’s 1st EMI-Driven Credit Card

• Unlimited 2% rewards (Zillion Coins) on all spends upon EMI conversion – no capping, no exclusions
• Truly lifetime free – zero joining fee, zero annual fee, zero processing fee, zero foreclosure charges
• Powered by RuPay, the credit card can be linked to UPI for payments across millions of merchants nationwide

BharatPe, India’s leading financial services and UPI payments company, today announced the launch of Unity Bank BharatPe Credit Card, in partnership with Unity Small Finance Bank (Unity Bank).

The Card brings industry-first features designed to make everyday payments including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle spends, both online & offline, smarter and more rewarding. Offered on National Payments Corporation of India (NPCI) RuPay network, the card can be seamlessly linked to UPI, enabling secure and convenient payments across millions of merchants in India.

With a zero-fee structure, the card does away with all hidden costs. There are no joining charges, annual fees, processing charges, or foreclosure penalties. Customers also enjoy the flexibility to prepay their EMIs anytime without penalties, making credit access transparent and stress-free.

The card offers flexible EMI options of up to 12 months, helping customers manage big-ticket purchases with ease. What truly sets it apart is its unlimited flat 2% rewards (Zillion Coins) on every transaction upon EMI conversion, across all merchant categories and platforms, without restrictions. Zillion Coins can be redeemed via the BharatPe app for brand vouchers, products, or even to pay credit card bills. Additional lifestyle benefits include complimentary domestic and international lounge access and preventive health check-ups.

Kohinoor Biswas, Head – Consumer Business at BharatPe, said, “Our focus has always been to make access to credit simple, transparent, and inclusive. With the Unity Bank BharatPe Credit Card, customers get a truly lifetime free card with no hidden charges. Moreover, linking of RuPay Credit Card with UPI opens a multitude of convenient payment options for cardholders.The auto-EMI feature further empowers customers to manage their cash flows responsibly, helping them avoid revolving credit traps and high interest rates, typical of traditional cards. This launch reinforces our commitment to deliver accessible, innovative, and value-driven financial solutions for Indian consumers.”

Aditya Harkauli, Chief Business Officer - Digital Banking, Unity Bank, added, “Saying that balancing present & future financial flows is a daily challenge for many, is a truism. The Unity Bank BharatPe Credit Card aims to address this consumer need, by combining instant payments, meaningful credit limits, flexible ‘pay-as-you-use’ options and generous rewards — all on a single, digitally delivered, lifetime free card. Shaped by consumer and market insights & reflective of our endeavour to create functionally useful differentiation, this first of its kind credit card offers both, salaried & self- employed individuals, practical and transparent payment & credit choices.”

How to Apply for the Unity Bank BharatPe Credit Card in six easy steps?

• Download the BharatPe App
• Onboarding: Enter your phone number and PAN to start.
• Complete KYC: Finish your eKYC and VKYC.
• Eligibility Check: Your credit limit will be assigned based on the test results.
• Activate Your Card: Set your billing date and your card PIN.
• Start Using: Your Unity Bank BharatPe Credit Card will be ready for transactions once activated.

About Unity Small Finance Bank Limited:

Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd. (Subsidiary of BSE & NSE listed – Centrum Capital Ltd.) with Resilient Innovations Pvt Ltd as a joint investor. Driven by its mission to have the highest standards of Corporate Governance, Unity Bank has in place a strong Board comprising of industry veterans. It offers services across Consumer Banking, Business Banking, Inclusive Banking, Digital Banking, SME & Transaction Banking and Treasury Services. The Bank endeavors to offer comprehensive banking services, along with ease of accessibility, reach and speed, using a combination of advanced technology and expert banking services for a superior customer experience.

About BharatPe:

BharatPe (brand name of Resilient Innovations Pvt Ltd) was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, it launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently, with a registered network of over 2.5 million merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 500 million+ UPI transactions per month.

BharatPe processes payments of a monthly Transaction Processed Value of ₹12,000 crores. BharatPe Money (brand name of Resilient Digi Services Private Limited), a BharatPe Group Company, has already facilitated the disbursement of loans of over US$ 2 billion, in partnership with NBFCs. Recently, the company also ventured into secured loans with the launch of two-wheeler loans, loans against mutual funds, home loans, and loan against property. BharatPe’s POS business processes payments of over ₹27,000 crores annually on its 125,000+ machines. BharatPe has raised over US$ 583 million in equity to date.The company’s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global.

In June 2021, the company announced the acquisition of PAYBACK India (rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the consumer fintech segment with the launch of postpe in October 2021. In January 2023, Resilient Payments Pvt Ltd, a BharatPe Group Company, received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. In April 2023, BharatPe acquired a controlling stake in Trillionloans, a renowned NBFC (Non-Banking Financial Company) registered with RBI. In August 2024, the company rebranded the postpe app to BharatPe and ventured into the consumer payments space with the launch of its UPI TPAP. For more details, please visit www.bharatpe.com.

NPST and Hyperface Partner to Enable Instant Credit Access via UPI for Banks

Partnership Set to Democratize Digital Credit Access for 400+ Million UPI Users

NPST, a leading provider of banking and payment solutions in India, and Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform, have announced a strategic partnership to enable banks and credit issuers to offer embedded credit solutions through UPI, marking a significant milestone in India's digital financial ecosystem and expanding instant credit access for millions of users.

With India's growing middle class and increasing discretionary spending, affordable access to credit remains a challenge due to low credit card penetration — just 100 million cards compared to over 400 million UPI users. The NPST-Hyperface alliance bridges this gap, delivering a seamless, digital-first credit experience that enhances purchasing power, fuels consumer spending, and drives financial inclusion at scale.

Banks and credit issuers can leverage their vast infrastructure and rich customer data to offer tailored UPI-based credit products. Eligible consumers will gain access to pre-approved credit lines at the point of sale, empowering them to make purchases and split payments into flexible instalments. Merchants stand to benefit from higher conversion rates, larger basket sizes, and stronger customer loyalty.

Through this partnership, NPST will integrate its UPI switch technology with Hyperface’s advanced Embedding Banking Platform. Hyperface's Credit Management Engine, built on a sophisticated technology stack, is a completely modular, flexible, and comprehensive solution; it enables banks not only to build, iterate and deploy Credit Line on UPI-ready products rapidly but also re-calibrate in real-time to drive scalability. The combined solution equips banks with digital-first credit solutions with full-spectrum lifecycle support — including customer risk assessment, real-time business insights, and built-in compliance tools — enabling innovative and sustainable credit offerings through UPI.

Commenting on the partnership, Deepak Chand Thakur, Co-Founder and CEO, NPST, stated; “We are proud to partner with Hyperface to democratize access to credit through UPI. As consumer expectations evolve, this collaboration positions banks to meet those needs with agility — driving customer satisfaction, boosting transaction volumes, and creating new revenue streams through interchange fees. Together, we’re not just transforming credit; we’re shaping the future of embedded finance in India.”

"The rapidly evolving UPI ecosystem demands both technological sophistication and extraordinary agility — qualities that legacy systems simply cannot deliver”, said Ramanathan RV, Co-Founder and CEO, Hyperface. “As new use cases emerge and requirements rapidly evolve, we recognized the need to partner with a modern, tech-forward player who could match our pace of innovation. Hyperface's advanced Credit Management Platform, combined with NPST's proven expertise in UPI technology, creates a powerful synergy that will enable banks to build, rapidly deploy and scale innovative credit solutions for tailored customer segments. This partnership exemplifies how new-age companies can collaborate to solve complex financial challenges at the speed the market demands."

About NPST

Incorporated in 2013, NPST is a leading fintech firm in India, part of the Make in India initiative and listed on the NSE Small and Medium Exchange. We specialize in UPI payments and digital banking and operate as both a Technology Service Provider (TSP) and a Payment Platform as a Service Provider (PaaS). Our solutions include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and RegTech.

NPST’s mission is to deliver financial technology solutions across the financial value chain — serving banks, fintech’s, and other industry players — and to drive the growth of the digital payments ecosystem. NPST supports 100+ customers, and processes 50+ million transactions daily, advancing businesses, individuals, communities, and economies through its innovative solutions. For details, please visit https://www.npstx.com/.

About Hyperface

Hyperface is the Definitive Credit Cards Innovation Platform that is revolutionizing the way banks, brands, and fintechs approach credit card and credit line solutions. As Asia’s first Credit Cards as a Service (CaaS) platform, Hyperface provides businesses with the technology to launch, manage and scale their own credit card and credit line programs. From program design and development to risk management and compliance, Hyperface empowers banks and co-brands to deliver exceptional, digital-first experiences that resonate with modern consumers.

For details, please visit https://www.hyperface.co/.

Mastercard Debuts New Open Banking-powered Tools

Mastercard has recently introduced a suite of open banking-powered tools designed to give consumers greater control over their financial data.

Mastercard has introduced Connect Plus, a data-consent command center that allows consumers to manage where, how, and with whom their financial data is shared.

With Connect Plus, customers will get Enhanced Identity and Device Intelligence as it has features that help ensure secure and seamless sharing of financial data with third parties.

Connect Plus will deliver a streamlined and secure platform for individuals to manage their data shared through Mastercard’s Open Banking network. Offering a 360-degree view of the third parties a consumer has granted data access to and the tools to manage the access, Connect Plus empowers individuals to take charge of their financial lives, safely and with ease.

And to ensure the consumer is kept in the loop at all times, Connect Plus will notify users when a third-party’s permission to access account data is expiring or needs additional attention.

The Mastercard Account Owner Verification solution, along with a library of APIs for open banking and beyond are available now at Mastercard Developers.

Open banking can drive innovation by enabling the development of new financial products and services that leverage consumer-permissioned data.

Consumers can use a secure, easy-to-use digital web application to search for and link their bank accounts, view which third parties have access to their data, and manage permissions.

Mastercard is piloting Connect Plus this year and expects to expand to full availability in the U.S. in 2025.

Mastercard has been actively working on expanding its open banking-powered tools globally. While the initial launch is focused on the U.S., the company has expressed its commitment to bringing these solutions to other markets as well. The timeline for the global rollout will depend on various factors, including regulatory approvals and partnerships with local financial institutions.

Open banking enables consumers to access valuable financial experiences, such as easier ways to pay recurring bills, build credit, and secure loans.

This initiative aims to make financial data sharing more secure and convenient for consumers, empowering them to take control of their personal information.

Mastercard's new open banking-powered tools are likely to have several significant impacts on the credit card industry.

By providing consumers with greater control over their financial data, these tools can help reduce the risk of data breaches and fraud. This increased security can build consumer trust in digital financial services.

Open banking allows for seamless integration of financial services, making it easier for consumers to manage their finances, pay bills, and access credit.

With easier access to financial data, fintech companies and other non-bank entities can offer more competitive products and services, potentially challenging traditional credit card issuers.

Mastercard Acquires Recorded Future, World’s Largest Threat Intelligence Co., for $2.65 Bn

Mastercard has made a significant move by acquiring Recorded Future for $2.65 billion. Recorded Future is the world’s largest threat intelligence company, with more than 1,900 clients across 75 countries, including the governments of 45 countries and over 50% of the Fortune 100.

This acquisition is aimed at bolstering Mastercard's cybersecurity capabilities, particularly in threat intelligence. Recorded Future, known for its AI-powered analytics, provides real-time visibility into potential cyber threats, which will enhance Mastercard's identity, fraud prevention, and real-time decisioning services.

This acquisition underscores the growing importance of cybersecurity in the digital economy, especially as cybercrime is projected to cost $9.2 trillion globally in 2024.

By integrating Recorded Future's advanced technologies, Mastercard aims to innovate faster and anticipate emerging threats, providing greater security and peace of mind for its network of merchants and financial institutions.

With Recorded Future’s advanced threat intelligence, Mastercard can offer more robust cybersecurity solutions. This could pressure competitors like Visa and American Express to enhance their own cybersecurity measures to stay competitive. The integration of AI-powered analytics from Recorded Future will likely lead to more innovative fraud prevention and real-time decisioning services. Competitors may need to invest in similar technologies or partnerships to keep up.

The need for a holistic and global cyber defense has never been greater. As new technologies are introduced and adopted, there is a rising risk of cyber threats. In 2024 alone, cybercrime is projected to cost $9.2 trillion globally.

The acquisition highlights the growing importance of cybersecurity in the financial sector. Competitors might increase their investments in cybersecurity to ensure they are not left behind.

Overall, this move by Mastercard could set a new standard in the industry, prompting competitors to accelerate their own cybersecurity initiatives to maintain their market positions.

Of late, Mastercard is extensively integrating innovative solutions in its business and services via both in-house and acquired solutions.

In June, Mastercard launched its Mastercard Crypto Credential, which enables peer-to-peer (P2P) transactions using aliases instead of long and complex blockchain addresses.

Last year in March, Mastercard acquired Baffin Bay Networks, a company specializing in distributed threat protection against DDoS attacks and web applications. This acquisition is part of Mastercard’s efforts to strengthen its cybersecurity infrastructure.
To recall, in 2021, Mastercard acquired the European open banking platform Tink for approximately $2.15 billion. This acquisition aimed to enhance Mastercard’s open banking capabilities and provide better financial services to consumers and businesses.

These acquisitions reflect Mastercard’s focus on enhancing its cybersecurity and threat intelligence capabilities, ensuring greater security for its network of merchants and financial institutions.

Mastercard's Crypto Payment Offering 'Crypto Credential' is Now Live with 1st P2P Pilot Transaction

Mastercard has recently launched its Mastercard Crypto Credential, which enables peer-to-peer (P2P) transactions using aliases instead of long and complex blockchain addresses. This innovative system aims to simplify cryptocurrency transactions for exchange users, offering a more user-friendly approach.

For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses.

Launched last year, in April, Mastercard Crypto Credential is a set of common standards and infrastructure that will help verify interactions among consumers and businesses using blockchain networks. Mastercard Crypto Credential aims to provide a foundation for financial institutions, governments, brands, and crypto players, ensuring that those interested in interacting across web3 environments are meeting defined standards for the types of activities they’d like to pursue.

Key details about the Mastercard Crypto Credential:

What It Does

The Mastercard Crypto Credential verifies interactions among consumers and businesses using blockchain networks. It ensures that users meet a set of verification standards and confirms that the recipient's wallet supports the transferred asset.

By exchanging metadata, it eliminates the complexity of knowing which assets or chains are supported by the recipient, bringing more trust and certainty to transactions.

Live Transaction Capabilities

The live transaction capabilities are initially enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, allowing them to enable blockchain transactions simply and securely between Latin American and European corridors. These capabilities allow for simple and secure blockchain transactions between Latin American and European corridors.

Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers across multiple currencies and blockchains.

Travel Rule Support

The system also supports the exchange of Travel Rule information for cross-border transactions. The Travel Rule is a regulatory requirement aimed at ensuring transparency and preventing potentially illegal activities.

The P2P transaction is just the beginning. Mastercard Crypto Credential aims to support various use cases, including NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.

Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also receive access through its integration with Lirium.

This milestone represents the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. It has the potential to further expand and support the domestic and cross-border remittance market.

The Mastercard Crypto Credential offers several advantages compared to other crypto payment solutions. Instead of using long and complex blockchain addresses, the Mastercard Crypto Credential allows users to send and receive digital assets using aliases. These aliases are more intuitive and user-friendly, making crypto transactions easier for average users.

When a user initiates a transfer, the program verifies that their alias is valid and that the recipient's network address supports the associated token and blockchain of the transaction. If the recipient's address doesn't support the sender's asset or network, the transaction simply does not proceed, preventing potential loss of funds due to user mistakes.

Additionally, aliases protect against address poisoning scams, where attackers trick wallet users into sending coins to a similar-looking address.

While the P2P transaction is the first use case, the Mastercard Crypto Credential aims to support various scenarios, including NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.

In the next step, said Mastercard, a select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Thereafter, within the coming months wider availability will roll out to more than 7 million users across the participating exchanges. 

In a nutshell, the Mastercard Crypto Credential simplifies crypto transactions, enhances security, and contributes to the broader adoption of cryptocurrencies in the financial ecosystem.

Mastercard Using Generative AI to Detect Compromised Cards at 2X Speed

Mastercard has announced that in order to enhance card fraud detection it is using generative AI technology. This advancement, Mastercard claims, has led to a doubling of the speed at which potentially compromised cards are detected, thereby offering better protection to cardholders and securing the ecosystem.

Fraudsters steal millions of payment card numbers through spyware, malware, and other clandestine practices such as card skimming. In a bid to sell this data to other criminals, they place part of the 16-digit numbers on illegal websites.

The generative AI technology works by scanning transaction data across billions of cards and millions of merchants. It identifies new and complex fraud patterns, which allows Mastercard to predict the full card details of compromised cards on its network. As a result, banks can block these cards much faster than before, greatly reducing the risk of fraudulent transactions.

Moreover, this technology has improved the detection rate of compromised cards, reduced false positives during the detection of fraudulent transactions by up to 200%, and increased the speed of identifying merchants at risk from fraud by 300%. These enhancements enable Mastercard to alert banks more quickly and with greater accuracy when a card is likely to have been compromised, allowing for immediate action to be taken.

This is a clear example of how generative AI is being used to bolster cybersecurity measures in the financial industry, ensuring that transactions remain safe and trustworthy.

Other major credit card companies are also adopting Al technologies to combat fraud. Visa has introduced new payment technology that leverages Al to enhance the security of card information. American Express employs machine learning-powered fraud detection systems to monitor and detect fraudulent activities whenever an Amex card is used.

Mastercard, Visa Reach $30 Bn Settlement In One of The Largest in US History

Visa and Mastercard have reached a significant settlement with US retailers, agreeing to a deal that will cap credit-card swipe fees. This settlement is estimated to save merchants at least $30 Billion over five years.

The agreement includes a reduction in interchange fees until 2030 and requires the companies to negotiate fees with merchant-buying groups.

This settlement is considered one of the largest antitrust settlements in U.S. history and is expected to resolve claims from litigation that began in 2005.

Under the settlement announced on Tuesday, Visa and Mastercard will reduce interchange rates by four basis points (0.04 percentage points) in the United States for three years, and cap rates for five years.

Retailers had accused Visa and Mastercard of overcharging on interchange fees and imposing anti-steering rules that prevented them from directing customers to less expensive payment methods. The settlement also aims to provide more discretion to merchants to offer discounts or impose surcharges on cards with higher interchange fees.

Interchange fees are transaction fees that the merchant's bank pays to the cardholder's bank to cover handling costs, fraud and bad debt costs, and the risk involved in approving the payment. Essentially, they are part of the overall fee that merchant services providers charge for processing credit and debit card transactions.

Interchange fees are calculated as a percentage of the total transaction amount, plus a fixed fee. These rates are set by credit card networks like Visa, Mastercard, American Express, and Discover, and typically update every April and October.

The collected interchange fees are then passed back to the bank that issued the customer's credit card.

For example, if Visa's interchange rate for a retail sale is 1.5% plus 10 cents, and the merchant services provider adds a service fee of 0.40% plus 8 cents, the total transaction fee would be 1.9% plus 18 cents.

The settlement between Visa and Mastercard and US retailers could have several potential impacts on consumers:

1. Credit Card Rewards: There's a possibility that the rewards and benefits offered by premium credit cards might be reduced. Since the settlement allows merchants to negotiate lower transaction rates, the revenue used to fund these rewards could decrease.

2. Cost of Using Premium Cards: Merchants may pass on the cost of transactions to consumers, especially for premium credit cards that typically have higher swipe fees. This could mean that consumers might have to pay more when using such cards.

3. Surcharging: The settlement gives merchants more freedom to impose surcharges on cards with higher interchange fees. So, consumers might face additional charges for using certain credit cards at some retailers.

4. Price of Goods and Services: If merchants decide to pass on the savings from lower swipe fees to consumers, there could be a reduction in the prices of goods and services. However, it's uncertain if and how much of the savings will be passed on to consumers.

It's important to note that the actual impact will depend on how merchants choose to respond to the changes in swipe fees and whether they decide to pass on the costs or savings to consumers. The effects might not be immediate and could evolve over time as the market adjusts to the new settlement terms.

The FIRST Millennia Credit Card Guide - Is It Built for You?

In today's fast-paced digital world, having a reliable and rewarding credit card is like having a passport to endless possibilities. That's where the IDFC FIRST Millennia Credit Card comes into play. Whether you're a young professional or a tech-savvy individual, this credit card is designed to elevate your financial experience without any hassles. In this guide, we'll walk you through the exciting benefits and features of the FIRST Millennia Credit Card and help you determine if it's the perfect fit for you.

Why the IDFC FIRST Millennia Credit Card?

Picture this: A credit card that's not only powerful but also absolutely free for a lifetime. Yes, you read that right! The FIRST Millennia Credit Card stands out as a lifetime-free credit card that offers a plethora of advantages tailored to suit your modern lifestyle. Let's dive into some of the key features that make it a standout choice:

1. Tailored for millennials

The name says it all! This online credit card is built with the young and dynamic generation in mind. Whether you're exploring the world, dining out, or indulging in online shopping sprees, the FIRST Millennia Credit Card brings you exclusive offers and discounts across various categories that resonate with your preferences.

2. Unravel a world of offers

Get ready to be spoilt for choice with over 300+ merchant offers, low interest rates, 10X reward points, and amazing merchant discounts. From cashbacks on online shopping to fuel surcharge waivers, this card has got it all covered. Enjoy discounts on leading food delivery apps, entertainment platforms, and e-commerce giants. Your cravings for savings and rewards are in for a treat!

3. Effortless online application

Say goodbye to lengthy paperwork and hello to simplicity. Applying for the FIRST Millennia Credit Card is a breeze, and the best part is that it's done entirely online. Ensuring that you meet the eligibility criteria of having an annual income of ₹ 3 Lacs or more, you can enjoy its benefits. No more waiting in long queues or dealing with paperwork. Just a few clicks, and you're on your way to holding a powerful financial tool in your hands.

4. Contactless transactions

In a world where time is of the essence, contactless payments are a game-changer. The FIRST Millennia Credit Card comes equipped with contactless payment technology, making your transactions faster and more secure than ever before. Just tap your card and breeze through your payments.

Is the FIRST Millennia Credit Card your ideal match?

The IDFC FIRST Millennia Credit Card is undoubtedly a compelling choice for those who value simplicity, rewards, and convenience. If you're a tech-savvy individual who loves exclusive offers, seamless online experiences, and the idea of a free credit card that caters to your lifestyle, then this card is tailored just for you.

In conclusion, the FIRST Millennia Credit Card is not just another online credit card; it's your gateway to a world of exciting benefits and financial empowerment. With its tailored features and unbeatable rewards, it's time to take your financial journey to the next level. Apply for the IDFC FIRST Millennia Credit Card today and embark on a journey towards a more rewarding future.

YES BANK Collaborates with Zaggle to launch Next-Gen Corporate Credit Card

The Corporate Credit Card aims to redefine corporate payments, expenditure management, and cash flow optimisation

YES BANK announced the launch of an innovative co-branded Corporate Credit Card in collaboration with Zaggle, a leading player in spend management, with a differentiated value proposition and diversified user base.

Christened ‘YES BANK Zaggle Corporate Credit Card’, the proposition marks a significant step in YES BANK’s journey towards ushering in a digital revolution by empowering businesses to reimagine their payment processes, streamline reconciliation, and efficiently manage company expenditures.

The card will empower businesses to bring in greater cost efficiencies by facilitating an integration with Zaggle’s ZatiX, a spend management and analytics platform, thereby allowing corporates to optimise cash outflows.

In an era where India's corporate landscape is rapidly expanding, strategic financial tools play a pivotal role in facilitating growth. A substantial portion of a company's budget is often allocated to travel and entertainment expenses, posing considerable management challenges. The YES BANK Zaggle Corporate Credit Card presents an innovative solution by granting businesses direct authority over company expenses. This includes the ability to set individual spending limits, place merchant category restrictions, and implement various other controls. Moreover, cardholders are entitled to a range of exclusive benefits, spanning from rewards and golf privileges to lounge access and travel insurance.

Speaking on the launch of the corporate credit card, Mr. Rajan Pental, Executive Director, YES BANK said, “We, at YES BANK are constantly looking to bring forth innovative banking solutions for corporate and retail customers. The partnership with Zaggle enables businesses to bring in operational efficiencies by allowing them to undertake banking transactions, manage company expenditures as well as keep track of all business-related overheads on a single platform. The co-branded card is a compelling proposition that offers upfront savings on business spends, along with the privilege of offering rewards on both spends and repayments on a large list of business expense categories. We will continue to explore avenues of co-creating more of such innovative propositions.”

Mr. Avinash Godkhindi, MD & CEO, Zaggle said, “The corporate T&E space is ripe for disruption as businesses increasingly demand real-time analytics to better manage spends, an industry need that we believe remains unmet. Zaggle ZatiX, deeply integrated with the YES BANK Zaggle Corporate Credit Card aims to addresses this need, to empowering businesses, and provide CFOs with the certain tools they need for intelligent spend decision making to assist with strategically controlling costs and optimally managing cash flow. Zaggle ZatiX a spend management and analytics platform, which helps businesses to bring in greater cost efficiencies."

This partnership builds upon the long-standing relationship between Zaggle and YES BANK in the prepaid card space, which started in 2016, has consistently aimed to provide ground breaking prepaid card solutions tailored to businesses.

YES BANK's track record in the fin-tech space is characterized by strategic tie-ups and initiatives that have fuelled the growth of start-ups by empowering them to thrive on the back of best-in-class banking solutions. This partnership stands as a testament to YES BANK's digital prowess, and shall contribute to the success of businesses in the digital era.

About YES BANK

YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings, catering to retail, MSME, and corporate clients. YES BANK operates its investment banking, merchant banking, and brokerage businesses through YES SECURITIES, a wholly-owned subsidiary of the Bank. Headquartered in Mumbai, it has a Pan-India presence including an IBU at GIFT City and a Representative Office in Abu Dhabi.

About Zaggle Prepaid Ocean Services Limited (Zaggle)

Zaggle is a leading player in spend management, with a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report). Incorporated in 2011, the company operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. It has one of the largest number of issued prepaid cards in India in partnership with certain of its banking partners (12.7% of the country’s total prepaid transaction value as of March 31, 2022). Zaggle collaborated with three banking partners; i.e., IndusInd Bank Limited, YES BANK Limited and NSDL Payments Bank Limited; and has issued more than 45 million co-branded prepaid cards since inception of its business. It has a diversified portfolio of software as a service, including tax and payroll software, and a wide touchpoint reach. Zaggle is sector-agnostic, and its network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it has relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP – Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries. Zaggle partnered with and has entered into arrangements with DBS Bank, Fibe (formerly, EarlySalary) and Tata Securities to offer their products and value-added services, including insurance, investment and tax planning, to its Users on their platform.

Disclaimer:

Zaggle Prepaid Ocean Services Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a draft red herring prospectus (“DRHP) ” with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the Book Running Lead Managers at www.icicisecurities.com, www.equirus.com, www.iiflsecurities.com and www.jmfl.com.

Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies in future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with the SEBI in making any investment decisions.

Fintechs Making Debit and Credit Cards Redundant in India

Though debit and credit cards were the first innovations to apprise us of digital payment, fintechs became the game changer and disrupted the banking industry. The impact has been to the extent that we only use our bank accounts to receive our salary and then spend through these fintech that enable us to make and receive payment in real time. Let us have a look at some of the fintechs that have made the credit and debit cards redundant as we changed the way of making payments.

Paytm

It is a name that probably introduced Indian consumers to fast and secure UPI payments, so much so that it became synonymous with cashless transactions. As the epitome of online payments, it enables transactions that are instant and is the most popular mode of payment that is acceptable with every vendor. You will find a grocery vendor, a shop owner, an auto driver and even you favourite restaurant that can accept payment through Paytm. You will not need to carry your credit or debit card anymore as the mobile can be used to make payments anywhere, everywhere.

Paycorp.io

One of the most distinctive features of this payment service provider is the ability to set up recurring payments that can be automatically deducted weekly, bimonthly, monthly, quarterly, or even yearly. When compared to more conventional modes of payment, the payment executed the same day is a guaranteed B2B recurring auto-debit option and has a significantly greater success rate. Additionally, it makes timely payment possible, which prevents the imposition of late fees. It guarantees prompt payments without the need for human intervention by providing a number of payment options like ACH, UPI, and other digital formats like WhatsApp, link push, and directly through the site making the need for a card redundant. It has direct interface with at least six banks. Hence, you can forget your cards for all sorts of recurring payments with Paycorp.

Razorpay

It allows for the payment of bills, streamlines transactions, and offers fast loans to users all in one location. It is a safe and secure gateway for e-commerce and enables payment through Airtel Money, Ola Money, Mobikwik, net banking, UPI and also credit or debit card if need be. It allows transactions between customers and business owners as well as between staff and vendors. As it is frequently the initial step in starting an e-business, it establishes the strong and secure basis for a prosperous online endeavour.

CogNext

This recent fintech start-up, which operates on a subscription-based business model, makes money by charging annual fees to banks, neo banks, digital lenders, and various financial or non-banking finance organisations. The credit business is managed and scaled by it thanks to NLP, Deep Learning, and Predictive Analytics. It is popular in India as a mode to getting instant loans and alsohas presence in regions like North America, the Middle East, and Africa.

Mswipe

Mswipe provides small and medium-sized businesses with quick and simple access to loans. It is the renowned name for stress-free financing, helping even the smallest of vendors, whether they are retail store owners, vegetable sellers, or paper manufacturers. It offers streamlined mobile POS solutions to business owners around the nation because the digital environment makes it genuinely achievable. Again, there is no need for credit or debit cards here.

Zest Money

Materialistic and expensive things may have been frowned upon at some point of time but today youngsters prefer to live life lavishly and splurge on their needs and desires. But most of us have a limited salary. Zest Money helps to pay back in 3-4 easy instalments, that too with zero interest, no processing fee and no hidden charge. The quick approvals make sure that you don’t have to think for a long time before buying. Having more than 85000 online and offline store partners, you can shop to your heart’s content. Thus, it has emerged as a popular alternative to credit cards.

Secure and Convenient: Apply for a Credit Card Online for Free

From paying bills to shopping online, having a credit card makes life much easier. Aren't you fed up with the inconvenience of applying for a credit card in person? No need to worry! Thanks to the increasing digitisation trend, you can now easily apply for a credit card online. It's completely free! That's right, no more waiting in lines or dealing with piles of paperwork.

Imagine applying for a credit card without even leaving your home. Sounds amazing, right? We'll provide a simple guide to online credit card applications. Moreover, we'll explain how you can make the most of this practical and secure alternative. So, sit tight, unwind, and be prepared to explore a world of convenience and rewards.

7 Reasons You Should Apply for a Credit Card Online - Save Time, Money, and Effort!

1. Convenience

The convenience of applying for a credit card online is unbeatable. You do not need to physically apply to a bank or financial institution. No need to call out of work or re-arrange your whole day just to go to the bank. Forget about branches altogether - you can do the whole process from your desk or couch.

2. Saves Time and Effort

Applying online is lightning fast compared to going to a bank. Apply for a credit card from home and breeze through the process at your convenience without wasting time or energy. Needless delays and complications are a thing of the past. Efficiency and ease of use are the new normal.

3. Zero Balance accounts

Open a free Saving Account with Zero Balance with Kotak811 and get a Kotak811 Dream Different credit card with no fee! Visit the Kotak811 website and open a savings account within minutes. Once you open an account, you can apply for a credit card and get one delivered to your home.

4. Secure Application Process

Applying for credit cards online is secure. The banks use top-notch encryption and security to keep your personal information safe. So apply from anywhere without stressing over security.

5. Wide Selection

When you apply for credit cards online, the options are endless. You get access to tons of cards from banks and issuers. It's easy to browse different cards and compare them side by side. You can compare interest rates, fees, rewards, and perks. Find the cards with the features that matter most to you. You may want cash back, travel rewards, or low APR - the choice is yours!

6. Real-time Approval

Real-time approvals bring instant gratification. No more worrying in anticipation, waiting for that approval notice in the mail. No more uncertainty or anxiety over whether you made the cut or not. The approval decision is made real quick, right on the spot.

7. Better Chances of Approval

When you apply online, you should fill the application form correctly. As a result, the likelihood of your application being rejected due to missing or wrong information will be less.

Pitfalls of Applying for a Credit Card Online: Why It Might Not Be Your Best Bet

Applying for credit cards online has become more convenient, but some things must be remembered first.

Saving Account Zero Balance Limitations

Applying for credit cards online often requires a minimum bank balance, which can be difficult for those with little savings. In addition, many issuers want to see that you can responsibly manage funds before extending your credit. So, if you have a savings account with zero balance, it will be difficult to apply for a card, especially if you're looking for options like Saving Account Zero Balance.

Credit Card Limitations

Some cards come with their own set of limitations. For instance, some online credit cards offer easy approvals but charge a joining fee.

Online Security Risks

Applying for credit cards online does come with security risks, and that's concerning. The banks put security first, using top-notch encryption and firewalls to lock down customer data. But online fraud is alive and well, and hackers constantly form new threats. So even though it's rare, there is still a chance malicious hackers could gain access to your sensitive information, if you’re not careful enough.

Lack of Personal Interaction

You can chat with a representative about the options when you go through a bank branch. They can evaluate your needs and recommend cards tailored to your profile. Answer any questions about fees, rates, rewards, or other details that confuse or concern you. However, this personal assistance and guidance are missing from online applications. You're left on your own to pore through all the information.

Unforeseen Fees

When applying online, it is important to read the terms carefully. Some credit cards may have hidden fees or charges you are unaware of until approval.

Hassle-Free Steps to Apply for Kotak811 Credit Card Online for Free

Step 1: Visit the Kotak811 website

Head over to the bank's website. Browse through the credit card options and choose the one you want.

Step 2: Click "Apply Now"

Find the card you want and hit "Apply Now ."You will need to provide your phone number to proceed further.

Step 3: Fill out the application form

Fill out the application form carefully and accurately. Of course, you must provide your details properly.

Step 4: Attach the necessary documents

Attach the required documents. This includes your PAN card, Aadhaar card, and other supporting documents, as mentioned on the website.

Step 5: Submit your application

Fill out the application carefully. Double-check that everything is in order before submitting.

Step 6: Track your application status

You'll receive an email with your application number. That will be your reference for following up on the status of your application. Next, go to the website to see how your application is progressing. Finally, select "credit card" from the list of products, enter the application number you were provided, and hit submit.

In conclusion, applying for a credit card online for free is a quick and safe method to obtain one. All banks use advanced security measures to protect your personal information, like encrypting data, two-factor authentication, and fraud detection. Therefore, you can be assured that your details are well protected.

Following the steps, you can apply for a credit card online without any trouble. It's not just time-saving but also budget-friendly, especially if you choose a card like the Kotak 811 credit card. So open a savings account with Kotak 811 and submit your credit card application online today. You'll have the convenience of handling your finances with just a click and will start enjoying the perks of a credit card quickly!

Paytm Partners With SBI Card and NPCI to Launch Next-Gen Co-branded Rupay Credit Cards, 3 Homegrown Brands Join Forces to Drive Credit Inclusion

Brings welcome benefits, spend-based cashback points and milestone benefits for the most rewarding experience

Drives convenience by enabling customers to use the Paytm SBI Card on RuPay network, where UPI payments through credit cards will be live shortly.

Aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy

One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments today announced that it has partnered with India’s largest pure-play credit card issuer SBI Card, to launch Paytm SBI Card on the RuPay network.

The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India's RuPay, as all three homegrown brands join forces to further drive the growth of inclusive, digital-first financial services in India. The next-generation co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users.

As a Welcome Benefit, customers can enjoy exclusive privileges worth up to ₹75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app. Designed for the digitally savvy, the cards offer rewards and savings when used on the Paytm App and millions of online and offline stores. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere.

Vijay Shekhar Sharma, Founder and CEO, Paytm said, "India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments."

Bhavesh Gupta, President and Chief Operating Officer, Paytm said, “We are delighted to take our valuable partnership with SBI Card to the next level with the launch of our innovative co-branded credit cards powered by the indigenous RuPay network, catering to the ever-evolving needs of India’s youth and professionals. With this partnership, we aim to revolutionize the way credit is consumed in India, by bringing 'new to credit' users into the formal economy by offering a seamless and rewarding experience.”

According to Rama Mohan Rao Amara, MD & CEO, SBI Card, “We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on RuPay network we are further strengthening product value proposition. With RuPay’s extensive reach across India and acceptance of RuPay credit cards on UPI, customers can leverage this card to derive maximum value from their spends.”

Speaking on the development, Praveena Rai, COO, NPCI, said, “We are delighted to partner with Paytm and SBI Card for the launch of this credit card on RuPay’s expansive network. We believe this card will emerge as a keystone credit solution for customers. Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing unique, value-based RuPay credit cards. It is exciting to see RuPay progressively establishing itself as a modern, contemporary, and youthful brand by offering customized value propositions backed by cutting-edge technology.”

The co-branded credit cards are set to delight consumers with exclusive Paytm First membership worth ₹750, which comes along with numerous exciting offerings. The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem.

Cardholders of either variant will be entitled to 2% cashback on all Paytm ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.

About Paytm:

Paytm is India's payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of mobile QR payments revolution in India, Paytm’s mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

Paytm media contact:
corpcomm@paytm.com

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay. NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in/

About SBI Card:

SBI Cards and Payment Services Limited (“SBI Card”) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. The brand has a wide base of over 16 MM+ cards in force as of Mar’23. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company. The Company is listed on National Stock Exchange (“NSE”) and The Bombay Stock Exchange (“BSE”).

P.S. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.

NPCI Joins Hands With India’s Leading Payment Aggregators to Enable Merchant Transactions Through Credit Cards on UPI

BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU and Pine Labs to facilitate merchant transactions post credit card-UPI linkage move by RBI

After the Reserve Bank of India’s (RBI) latest move in the digital payments space to link RuPay credit cards to UPI, National Payments Corporation of India (NPCI) and India’s leading payment aggregators have joined forces to support credit transactions on Unified Payments Interface (UPI).

NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU and Pine Labs in order to enable merchant transactions through RuPay credit cards on UPI in the Indian market.

Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts. Now, the linking of RuPay credit cards to UPI will ensure that customers will no longer have to carry their credit cards with them at all times for payments.

Approximately 250 million Indians use UPI for their day-to-day transactions, and close to 50 million users have one or more credit cards. RBI’s move is set to combine the convenience of both by offering customers instant payment experience of UPI with the benefits of short-term credit and rewards offered by credit cards.

The linkage of credit cards with UPI will also lead to a rise in acceptability as UPI provides customers with more points of acceptance through the vast network of asset light UPI QR code. It is also beneficial to merchants, especially those in semi-urban areas, as card point-of-sale terminals are not widely available.

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “India is one of the select few nations that has been successful in premiering innovation through targeted regulations. And after the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. The support of all partners has been instrumental in helping us achieve this. Going ahead, we aim to explore more relevant avenues in order to promote the adoption of digital payments via credit cards on UPI for smoother, more reliable and more secure credit-based transactions in the pursuit of our objective to underwrite every eligible Indian.”

Over the last few years, UPI has become one of the most inclusive modes of payment in India with over 250 million unique users and five crore merchants on the platform. It is capable of facilitating inter-bank transactions using a smartphone and is utilized for real-time payment processing. In January alone, UPI processed 8038.59 million transactions amounting to 1,299,058.78 crore.

According to the RBI Payments Vision for 2025, it is expected that credit-based payment transactions are expected to grow by 16% year-on-year for the next four years. With India rapidly adopting digital payments for day-to-day transactions, the credit card-UPI linkage announcement will provide access to a hassle-free and smooth payments experience for individuals and merchants alike heading into the future. 

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in/

Say Goodbye to High Interest with the Best Low-Interest Credit Cards in India

Do you feel like you are being taken advantage of by the high-interest credit cards you use? Are you struggling to make your payments due to the exorbitant credit card interest rates you pay? Well, it's time to say goodbye to those high-interest credit cards and switch to India's best low-interest credit card by apply(ing) online.

Credit cards can be an incredibly useful tool when used responsibly. They have many benefits and make buying things easy while keeping track of your money. But if you are not careful, you can quickly get into financial trouble due to the high interest rates associated with many credit cards.

High-interest credit cards usually come with high fees and interest rates, which make it hard to pay back debt. With India's best low-interest credit cards, you can finally say goodbye to interest rates that are too high.

The best low-interest credit cards in India are also simple to use. Because of the Internet, you can opt for a low-interest credit card by applying online in minutes. It means you won't have to waste time standing in line at a bank or on the phone for hours attempting to acquire a credit card.

7 Tips to Avoid High Interest with India's Best Low Interest Credit Cards

We all want to save money and use our credit cards wisely. But how do you find the best low-interest credit cards in India? Here are 7 ways to avoid high interest with the best low-interest credit cards in India and make the most of your finances.

1. Compare and Evaluate

When choosing the right credit card, there are several factors to consider. Interest rates, annual fees, reward points, and other features all play a role in deciding which card is best for you. When deciding between a high-interest and low-interest credit card, you should consider how you spend money and what kind of rewards you want. Comparing different options can help you make an informed decision and find the card that best meets your needs.

2. Go For Fixed Interest Rates

Look for credit cards that offer fixed interest rates- this helps you budget better and prevents you from paying higher interest due to market fluctuations. Fixed interest rates also give you more control over your finances. You can plan your spending and credit card repayments more effectively, ensuring you don’t pay any more than necessary in interest payments.

3. Utilise Introductory Offers

Introductory offers from credit card providers are a great way to make the most of your credit card, reduce interest payments and save money. With zero percent interest for a specific period, these offers can help you build your credit history without worrying about extra costs. Utilising such offers can help you get the most out of your card and save you money in the long run.

4. Pay More than the Minimum

Paying more than the minimum due on your loan or credit card is key to reducing the amount of interest paid over the long term. By paying a little extra each month, you'll be able to pay off your loan or credit card faster and save money in the long run. It is an effective way to manage your finances and should be something to consider when budgeting. 

5. Take Advantage of Balance Transfers

Balance transfers can be a great way to save money. If you have an existing balance on a high-interest credit card, look for balance transfer options to shift the debt to a low-interest card. It could help reduce your interest payments and make it easier to pay off the debt faster. Balance transfers can also be a great way to consolidate multiple credit accounts into one, making it easier to stay on top of your finances.

6. Use Reward Points

Using reward points can be a great way to save money on interest payments. Credit cards often offer reward points that can be used to pay your bills or even get discounts on purchases. Make sure to leverage these reward points to save money on interest payments and make the most of your credit card.

7. Pay Off Your Outstanding Dues

Paying off your outstanding dues on time is beneficial in more ways than one. Not only does it help you avoid high interest, but it also helps improve your credit score. It helps you benefit from better financial opportunities in the future. Paying off your debt is a wise investment in your future financial health.

By following these seven tips, you can avoid high-interest payments and find the best credit card in India that meets your needs. Start saving on interest payments today!

Conclusion

Having the right low-interest credit card can positively impact your financial well-being. With low-interest rates, you can save money, spend smarter and build a strong credit score over time. It also helps you avoid high-interest debt traps that come with using traditional credit cards.

The best credit card interest rates in India offer competitive features and benefits, discounts on shopping, and rewards points when you use them. These cards are easy to apply for online, and you can get approval within minutes.

So, if you're looking for a smart and economical way to use credit, choose India's best low-interest credit cards. You can opt for a credit card by applying online today and start reaping the rewards of low-interest rates.

Japan's JCB Join NPCI to Offer 40% Cashback for RuPay JCB Cardholders for In-Store Purchases* in Australia, Qatar and UAE

• All RuPay JCB Debit & Credit Cardholders will be offered 40% cashback on in-store purchases in Australia, Qatar and United Arab Emirates.
• The offer will be valid from October 1 to December 31, 2022.

JCB International Co. Ltd., the international operations subsidiary of JCB Co. Ltd., Japan’s only international payment brand partners with National Payments Corporation of India (NPCI) to announce the launch of a special cashback offer for all RuPay JCB Debit & Credit Cardholders for a limited time period. In accordance with the offer, customers using a RuPay JCB Card will receive 40% cashback at retail stores in Australia, Qatar and United Arab Emirates (UAE) during the offer period. The offer will be valid from October 1 to December 31, 2022. **

The maximum cashback amount per transaction will be ₹3,000, with an overall cap of ₹15,000 per card during the offer period. Detailed T&C can be referred at www.rupay.co.in

Yoshiki Kaneko, President and COO, JCB International Co. Ltd. said, “With the easing of travel restrictions globally, we expect to see a surge in international travel. We are happy to partner with NPCI in launching this promotion and hope our Indian cardholders will enjoy these offers at locations carefully chosen, keeping their preferred travel destinations in mind. With wide acceptance of merchants internationally, the RuPay JCB Debit & Credit cardholders will enjoy a hassle-free and rewarding experience wherever they go”. 

Denny V. Thomas, Head- RuPay, NPCI said, “We are delighted to launch the cashback offer for our RuPay JCB Credit and Debit cardholders. We are anticipating a high traffic from India to these locations and want our cardholders to benefit, when they spend using RuPay JCB Cards. The offer is available on all in-store purchases irrespective of size or category of the merchant. With a wide international acceptance network, we wish to provide more such attractive offers in other geographies also”.

For the promotion details, please visit:
https://www.rupay.co.in/rupay-festive-carnival/rupay-festive-carnival-detail?id=120

* In-store purchase means a face-to-face POS transaction made at a merchant location.

** NPCI reserves the right to change/modify the scheme without recourse to anyone or without any pre-notification.

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. JCB issues cards across various countries and regions internationally with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide.

For more information, please visit: www.global.jcb/en/

About NPCI :

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in/

Alternative Data and Emerging Technologies Will Drive Credit Decisioning in the Consumer Credit Market: Experian Study

Alternative data and emerging technologies will drive credit decisioning in the consumer credit market: Experian study

A new study on credit decisioning and alternative data use reveals interesting insights about the consumer credit landscape in India.

As India’s economy recovers from the pandemic, businesses continue to be impacted and consumers continue to grapple with the aftermath of salary cuts and job losses. As consumers apply for credit cards and loans to manage costs, lending institutions have the added responsibility of making accurate credit decisions. According to a commissioned study conducted by Forrester Consulting on behalf of Experian, the world’s leading global information services company, nearly 65% of India’s lending companies surveyed said that the wrong credit decision can lead to financial losses, while 44% said that such decisions can put customers in difficult situations.

As lending organisations continue to strive to improve their credit decisioning processes, the study highlighted the need to focus on leveraging alternative data and emerging technologies. The study surveyed 164 senior risk decision-makers from banking, fintech, and non-banking lending organisations across India, Indonesia, and Australia.

The Forrester study also highlighted several key trends across the India market for lenders:

1. Innovation and data utilisation – the key to better lending

According to the study, around 82% of respondents believed that their organisation needs to improve the use of data and insights in business decision-making. Also, around 71% wanted their organisation to improve its ability to innovate. These numbers highlight the fact that most respondents believed that there is room for improvement in using data and analytics for credit decision-making.

According to a World Bank report, India has the world’s second-largest unbanked population after China. Neeraj Dhawan, Country Manager, Experian India, says: “As banks, NBFCs and fintech companies attempt to drive financial inclusion, the use of alternative data can help lenders assess the creditworthiness of new-to-credit customers more efficiently. This can result in better access to quick credit and help transform lives.

2. Embrace new technologies and improve data analytics capabilities

The study found that around 82% of respondents felt that their organisation should leverage more data from traditional sources and 80% believed that it should look for alternative data sources for more efficient credit risk assessment. These numbers indicate that employees feel that their organisation is not utilising available data optimally.

Further, around 82% of respondents felt that they could improve data and analytics capabilities, and nearly 84% felt that there was an urgent need to embrace emerging technologies like artificial intelligence for credit risk assessment and management.

Unfortunately, only 36% of respondents felt that limited data standardisation was a major barrier to increasing automation in credit decisioning for lending organisations. Also, 66% felt that legacy systems and dependence on manual processes were preventing organisations from turning to automation.

Mr Dhawan adds: "Lenders need to have more streamlined usage of data between traditional credit data and alternate data sources whilst embracing emerging technologies throughout the entire credit lifecycle. This approach can help businesses in driving higher customer acquisition and provide a better overall digital experience.”

3. For effective credit decisions, choosing the right data is crucial

42% of respondents believe that their organisation is using alternative lending data to make effective credit decisions. While the use of alternate data in credit decisioning is still gradually being adopted, there are positive signs that this is picking up, with around 67% of respondents feeling that investing in real-time data and analytics will be the top priority of their organisation over the next 1-3 years.

4. Automation – a long way to go

The study highlighted how automation is being used in credit decisioning across various lending products:

• Credit Cards:
• Full automation: 42%
• Partial automation: 58%
• Personal Loans:
• Full automation: 40%
• Partial automation: 58%
• Full automation in Other Loans:
• Auto Loans: 31%
• MSME Loans: 22%
• Home Loans: 16%

Neeraj Dhawan, Country Manager, Experian India, says, “Automation can shorten the sales cycle and improve the quality of service offered to customers, and should be a priority for businesses to stay competitive in the current credit landscape.”

Download the Forrester study, “Drive Speed and Accuracy with Emerging Technology and Alternative Data”, to find out more. https://www.experian.in/experian-forrester-study-on-credit-decisioning-and-alternative-data-use

Edu-Fintech Startup Financepeer Launches "UVA", an Innovative Numberless Dual-interface Card for Students, First Time in India

With an aim to achieve cash-free campuses, Financepeer, one of India’s leading edu-fintech startups has unveiled its latest offering – the UVA Card, powered by Visa. Financepeer UVA Card Program will be their numberless prepaid photo ID card for students, parents, and institutes to make day-to-day transactions easy and hassle-free.

UVA Card, technologically backed by Visa, is an innovative approach to digitizing the financial system in educational institutes across India. The program intends to create cash-free campuses by enabling the institutes, parents, and students to pay and receive fees, withdraw cash, do e-commerce transactions and be able to make payments effortlessly at any retail outlets that use point of sale (POS) terminals. UVA Cards are pre-paid contactless cards that can drive financial independence among young adults. This card helps in getting extended credits, makes hassle-free payments, and teaches the youth to save and spend money wisely, besides offering various rewards and discounts.

Mr. Rohit Gajbhiye, CEO and Founder, of Financepeer, said, “We are working towards bringing a revolution in Edu-fintech space through technology and at the same time creating impact at the bottom of the pyramid, via increasing access to quality education. Our recent funding and collaboration with industry stalwarts have given renewed strength and a new purpose to our mission. In view of this, we are launching a numberless dual interface product which is a photo ID card to make cashless transactions easy for students, parents and institutes with just a tap. To make electronic payments safer and hassle-free for our students, these Visa cards have been designed with EMV chips”.

Mr. Sujai Raina, Head of Business Development, Visa India said "As a network working for everyone, Visa is committed to expanding financial access and inclusion across diverse demographics. We are delighted to collaborate with Financepeer as they launch the UVA Card, an innovative, prepaid card solution that not just works as a photo ID and payment instrument but aids financial discipline. The UVA card has been designed specifically keeping in mind the unique spending needs of students and their guardians, and is a decisive step towards building a cashless economy among young consumers."

Financepeer is gearing to expand its reach to remote areas and has witnessed 10x growth in the last year. The company has partnered with more than 10,000 educational institutions with a Pan-India footprint, to deliver affordable fee financing products, Edu-tech content, and fee payment solutions. Founded in 2017 by seasoned alumni from IIT/IIM/Stanford, Mr. Rohit Gajbhiye, Mr. Sunit Gajbhiye, Mr. Naveesh Reddy, and Mr. Debi Prasad Baral, Financepeer is one of the first players in this space catering to both offline and online education providers including pre-schools, K-12, colleges, universities, offline test prep, ed-tech, and skilling.

The launch of the UVA card underscores its strong foundation as a tech-led education financing company, giving learners the freedom to chase their dreams consistent with its focus on innovation and enabling a Rising New India through easy access to education. With a vision to enable inclusion through education globally, Financepeer is committed to facilitating access to education and fostering the growth of educational institutes and learners worldwide.

"Financepeer raised USD 31 MN in Series B funding round in April this year. We are working on enhancing our technology platform and offerings, expanding and strengthening our education-institution partnerships, and deepening the reach in rural areas to enable more students, especially the girl students, to get easy access to quality education", added Mr. Gajbhiye while addressing the media here at Famous Studio.

Education financing is one of the fastest-growing segments as it is a deeply underserved sector that enables the aspirations of learners across India. Due to the inherently high social collateral, the lending book for this segment has been among the best-performing ones, despite macro shocks caused by the COVID-19 pandemic.

About Financepeer: www.financepeer.com

On the journey to becoming India’s fastest growing Edu-Fintech Company, Financepeer is a Forbes acclaimed and Google incubated high impact education fee financing company. Established in 2017, the Company headquartered in Mumbai, Maharashtra, has its presence in more than 100 cities in India and has collaborated with 10,000 + education institutes across boards. Mr. Rohit Gajbhiye is the CEO and Founder of Financepeer. Honored by Forbes 30, he is an alumnus of IIT Bombay and Stanford Ignite.

About Visa:

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

Neo-Banking Platform StashFin Launches a Host of New Value Propositions, Features, and Benefits on Its Credit Line Card

StashFin Credit Line Card has introduced new value propositions, from exclusive welcome benefits and cashback to free ATM withdrawals, credit access, zero fees, and no hidden charges

StashFin, a neo-banking platform, which is among India’s leaders in the space, today announced a host of new value propositions on its Credit Line Card. The card is India’s one of the most rewarding ones and offers exclusive cashback, welcome credits and a host of other exclusive benefits. It disrupts traditional ways of using a credit card with a lifetime free offering, an EMI facility and free withdrawals from any ATM.

The card allows its customers access to instant funds and to build their credit score, even if they have a limited credit footprint. The application process is completely digital – customers fill in the details and the amount is disbursed into the card within 90 seconds post-approval.

One of the most prominent features on the card includes – rewarding customers with 1% cashback on every transaction. The card offers welcome rewards with StashCash worth Rs. 1500. The rewards program has also been simplified with 1 StashCash = Re. 1 and easy redemption of these rewards to settle payments. Benefits worth up to Rs. 3450 are being offered to the customers without any hidden fees or charges. Card also offers a free credit period to certain segments along with Free Cash withdrawals at ATMs.

StashFin has also partnered with merchants and its VISA platinum platform offers customers a host of offers with savings across shopping, travel, dining, groceries, and other segments.

Below is a snapshot of some of the prominent features

• Welcome offer: Rs 1,500 in StashCash (1 StashCash = Rs 1) and benefits up to worth Rs 3,450
• Easy reward redemption: Redeem StashCash for EMI payments
• Cashback: 1% on every spend
• Exclusive features: Free cash withdrawals at any ATM; no joining, annual or hidden fee; card free for a lifetime; swipe at any point of sale or merchant website
• Referral: Refer friends/family and get StashCash
• Benefits: Also acts as a virtual and physical card for shopping, travel and dining

Shruti Aggarwal, Co-Founder, StashFin, stated: “We are continuously looking to provide the best benefits to customers, and empower them with financial freedom. The StashFin Credit Line Card will not only help users manage their financial needs but also reward them with cashback and other benefits, provide contactless and safe credit; and a great rewarding experience.”

About StashFin

Headquartered in Singapore, StashFin is a unique neo-banking platform with a mission to deliver seamless, transparent and efficient financial services to everyone. It aims to empower customers by improving their financial health leading to inclusivity, growth and economic independence. StashFin has disrupted the traditional banking formats with its easy and flexible digital lending solutions that enable customers to take control of their finances. It has already assisted millions of clients and created a mindset of trust and transparency with its distinct proposition. Backed by a strong leadership network, efficient workforce, data, technology and analytics, StashFin has been ranked one of the best startup brands to work for by LinkedIn.