Kotak Mahindra Bank plans to be aggressive in pushing its RuPay credit cards business and will launch more RuPay unified payments interface (UPI) credit cards, said Frederick D’Souza, the bank’s Business Head for Credit Cards.
Currently, the bank has seven RuPay credit cards, which have been showing good results. More will be added soon, said D’Souza.
“We have been at the forefront of launching RuPay credit cards. We have seen a lot of opportunities and adoption of UPI on credit and we see it as a game-changer. Hence, we plan to launch more cards and go aggressive with existing credit cards,” D’Souza said in an exclusive interaction.
In the April-June FY24 quarter, the lender’s credit card business jumped 67 percent on a year-on-year (YoY) basis to Rs 11,360 crore from Rs 6,820 crore.
Also read | HDFC Bank Swiggy Credit Card offers 10% cashback, higher than most cashback credit cards; is it a good deal?
Other than the RuPay UPI credit cards, D’Souza said that cards such as the Indian oil credit card, and co-branded cards with Myntra, PVR, etc. are also doing well.
On RuPay UPI credit cards, D’Souza said that the segment comprises a decent stake of the total credit card business, which is continuously growing. “We are also looking at partnerships with fintech players and digital partners to boost our cards,” D’Souza added.
Kotak Mahindra UPI on credit
In June 2022, the Reserve Bank of India (RBI) allowed individuals to link their credit cards to the United Payments Interface (UPI). However, this is possible only through select banks that have enabled the linking of their RuPay credit cards to UPI.
On May 31, BOB Financial Solutions, a wholly owned subsidiary of Bank of Baroda, announced that Bank of Baroda credit card customers can now use RuPay Credit Cards on UPI-enabled apps such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik and PayZapp.
Similarly, in June 2023, Canara Bank and Kotak Mahindra Bank introduced the facility of UPI payments to merchants through RuPay credit cards issued by them.
Some of the other banks that have enabled the linking of RuPay credit cards to UPI are Axis Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, Union Bank of India, and YES Bank.
“The demand for Rupay UPI credit cards is doubling in weeks,” D’Souza said. He added that the bank plans to run campaigns to bring more customers into the UPI credit card segment.
For more latest news, click here.