Bank of Baroda (BOB), one of the leading public sector banks in India, has taken a significant step towards enhancing digital payments by integrating Rupay credit cards with UPI (Unified Payments Interface). This move allows BOB customers to seamlessly use their Rupay credit cards for payments by scanning QR codes on the UPI network. The integration of Rupay credit cards with UPI was jointly announced by Bank of Baroda’s subsidiary, BOB Financial Solutions Limited (BFSL), and the National Payments Corporation of India (NPCI).
As one of the largest issuers of RuPay credit cards in the ecosystem, BFSL is at the forefront of this integration. The collaboration with NPCI opens up new avenues for Bank of Baroda credit card customers, enabling them to leverage the benefits of their RuPay credit cards on UPI, along with BHIM and other UPI-enabled apps. With this development, Bank of Baroda RuPay credit cardholders can now make transactions at merchant outlets across the country using QR codes and POS devices, eliminating the need for physical credit cards.
Sanjiv Chadha, the Managing Director and CEO of Bank of Baroda, emphasized that the credit card integration with UPI offers customers the security and convenience of transacting on UPI while enjoying the advantages of a credit card without the necessity of carrying the physical card. This integration is expected to lead to a significant increase in the use cases for credit card payments, attracting more engagement from Bank of Baroda RuPay credit cardholders.
Dilip Asbe, the Managing Director and CEO of NPCI, highlighted the transformative impact of linking RuPay credit cards with UPI, stating that it changes the perception of credit consumption in the country. The seamless and digitally-enabled lifecycle of credit card utility, coupled with the added benefits of rewards, aligns with NPCI’s vision of providing financial services to every Indian.
Bank of Baroda customers can now easily link their credit cards directly with their preferred UPI applications, such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, and PayZapp. This integration empowers customers with greater flexibility and choice when it comes to making digital payments, further promoting the adoption of cashless transactions.
With this new feature, Bank of Baroda credit cardholders can make payments by simply scanning QR codes on the UPI network. This eliminates the need for physical credit cards and provides a seamless and convenient payment experience. Customers can now transact at merchant outlets nationwide using QR codes and POS devices, offering a secure and hassle-free payment method.
Sanjiv Chadha, the Managing Director and CEO of Bank of Baroda, expressed his excitement about this integration, highlighting the security and convenience it brings to customers. By allowing credit card transactions on the UPI platform, customers can enjoy the benefits of a credit card without the need to carry it physically. This advancement is expected to drive increased engagement from Bank of Baroda RuPay credit cardholders and boost the adoption of digital payments.
The seamless and digitally-enabled lifecycle of credit card utility, combined with the added rewards and benefits, further enhances the appeal of this integration. As the digital payment landscape continues to evolve, Bank of Baroda’s integration of Rupay credit cards with UPI sets the stage for a more streamlined and efficient payment experience.
The integration of Rupay credit cards with UPI reflects Bank of Baroda’s commitment to leveraging technology and innovation to enhance customer experiences in the realm of digital banking. With this strategic move, Bank of Baroda aims to strengthen its position as a leader in the digital payment landscape, offering customers a seamless and secure payment ecosystem that aligns with the evolving needs of a rapidly transforming digital economy.
