Axis Bank Partners with Kiwi to Bolster ‘Credit on UPI’ on RuPay Credit Cards: Kiwi, a fintech business that specialises in allowing credit via UPI, has teamed with Axis Bank to offer free Axis Bank KWIK credit cards for life via its app.
Daily Current Affairs Quiz: August 2023
Objective
This unique partnership of Kiwi and Axis Bank aims to offer customers the convenience of UPI’s fast and secure payments while enjoying the benefits of credit and card rewards. Kiwi intends to give frictionless onboarding and quick virtual credit cards to one million customers within the next 18 months, with a focus on simplicity and innovation.
Benefit to the customers
The unique partnership of Kiwi and Axis Bank will bring the following benefits:
- Kiwi users gain access to a virtual credit card that offers two edge rewards for every Rs.200 spent. This feature enables customers to earn rewards while making transactions.
- Why Customers who use their credit card on UPI to perform scan and pay transactions receive a 1% cashbook bonus, increasing the value and saving users money.
- The virtual credit card provides a waiver of the 1% fuel surcharge usually applied by petrol pumps on card payments.
Significance
The partnership between Kiwi and Axis Bank holds great significance as it combines fintech innovation with traditional banking, creating a seamless payment solution for users. By offering credit card rewards on UPI transactions, the collaboration aims to promote digital payments and enhance financial inclusion. Customers benefit from a secure and rewarding payment experience, while Axis Bank strengthens its position as an innovative bank.
About the Kiwi company
Kiwi is a fintech company that specializes in enabling credit on UPI (Unified Payments Interface), a popular digital payments platform in India. Siddharth Mehta, Mohit Bedi, and Anup Agrawal are senior fintech specialists and banking industry veterans that established Kiwi.
The company’s primary focus lies in merging the features of credit cards with the convenience and security of UPI, offering users a comprehensive and seamless payment solution.
