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Nilekani launches Bnpl products via Upi after launching Rupay credit card on the platform


By PTI IST (Released)

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The National Payments Corporation of India (NPCI) launched the Rupay credit card on the UPI platform on Thursday, following an RBI decision authorizing it.

Tech industry veteran Nandan Nilekani on Tuesday called for more credit products like Buy Now Pay Later (BNPL) on the Unified Payments Interface (UPI) after the launch of a credit card on the platform .

The National Payments Corporation of India (NPCI) launched the Rupay credit card on the UPI platform on Thursday, following an RBI decision authorizing it.

“I think on the credit side, I personally see the launch of the UPI credit card and Rupay as the first step in credit on UPI,” said Nilekani, non-executive chairman of Infosys and also one of the architects of the UPI platform, at an event here.

Nilekani said “we’re testing the waters of credit” with the launch of the Rupay credit card on UPI, and called it “a sensible first step.”

“As we move forward, and as I think the RBI gains confidence with this, it will open up to more forms of credit on the UPI card and so there will be new native credit capabilities on UPI , like BNPL, and so on,” Nilekani said.

“And imagine if there are 405 million people on UPI, and if they have access to native credit using BNPL tools, and using the digital footprint of their transactions, there will be a massive democratization of the consumers’ use of credit in a very, very healthy way,” Nilekani said.

“You’re lobbying on the database,” Nilekani said, confident it could be the next big thing. UPI’s popularity is fueled by third-party apps such as Google and PhonePe. The Reserve Bank is concerned about the prepaid payment instruments used for the BNPL.

Meanwhile, Nilekani said credit obtained through UPI based on the account aggregation system launched last year, coupled with the Open Network Digital Commerce (ONDC) initiative will “fundamentally revamp” the supply chain. in India to become much more efficient and much easier to reach. products and services to all.

He said that the ONDC will force every retailer to play against the giants by enabling the presence of e-commerce and therefore this is a very important step.

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