Axis Bank and Kiwi collaborate to offer RuPay lifetime free virtual credit card
Axis Bank, a leading private sector bank in India, has announced a strategic partnership with Kiwi, a revolutionary credit on UPI platform. This collaboration is aimed at enhancing ‘Credit on UPI’ accessibility on RuPay credit cards. The new alliance will allow Kiwi users to access the RuPay lifetime free virtual Axis Bank KWIK credit card through the app, providing a seamless and virtual payment experience.
Offering Innovative Digital Payment Solutions
The partnership will enable users to make merchant payments within the Kiwi app using their credit cards via UPI. This innovation eliminates the need for physical cards and positions the combined offering as an end-to-end digital payment solution to enhance customer payment experience. Alongside, customers will also enjoy credit card rewards coupled with the convenience and security of UPI’s fast payments.
Reactions from Key Stakeholders
Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank, expressed excitement about the partnership, emphasizing the bank’s commitment to driving access to formal credit in India. He pointed out the significant growth in digital payments and expected a boost in credit card usage for small-value payments on the UPI platform, thanks to the RBI’s credit card-UPI linkage announcement.
Siddharth Mehta, co-founder, Kiwi, highlighted the unique focus of the company on ‘credit cards with UPI’, and shared ambitious goals of enabling 1 million users to access credit cards on UPI within the next 18 months.
Praveena Rai, Chief Operating Officer, NPCI, also applauded the collaboration and its potential to offer a unique payment solution that combines the convenience of UPI with the rewards and benefits of RuPay Credit Cards.
About Kiwi’s Platform and Future Plans
Kiwi, co-founded by senior fintech experts and banking industry veterans, provides comprehensive lifecycle management of credit products on its app. This includes everything from onboarding and enabling payments to rewards on repayment (Kiwis tokens). The company also recently raised $6 million in pre-seed funding from notable investors.