Kiwi, a credit card platform, recently unveiled its all-inclusive solution for customers called “Credit on UPI.” This pioneering app is certified by the NPCI and has partnered with banks to issue Rupay Cards, allowing customers to experience the seamless benefits of “Credit on UPI.”
The company’s latest launch aims to establish a massive direct-to-consumer (D2C) credit market. This is made possible through their mobile application, allowing users to securely make payments directly from their phone using a credit card or bank account.
Siddharth Mehta, Kiwi co-founder, acknowledged the widespread adoption of UPI in India with over 30 crore unique users and 5 crore merchants onboard.
The launch of Kiwi App in India marks the first time that users can enjoy the benefits of a credit card, powered by RuPay, combined with the convenience and simplicity of UPI. The company aims to enable one million users to access credit on UPI within the next 18 months.
With Kiwi’s new offering, users can obtain a RuPay credit card almost instantaneously and digitally. Once the card is received, it can be linked to UPI on the app, enabling both offline and online store transactions through the “Credit on UPI” feature. Additionally, the Kiwi app provides card management options such as limit increase, blocking, and payments. Each transaction is rewarded, making it a convenient and beneficial service for users.
The COO of NPCI, Praveena Rai, has expressed her excitement for Kiwi’s potential impact on India’s credit card industry. As part of the effort to achieve universal digital payments, Kiwi could be a game-changer. Currently, UPI P2M transactions amount to roughly Rs. 3.2 lakh crore per month, which is 2.5 times more than monthly credit card spending. Kiwi aims to tap into this large and untapped market. NPCI believes that Kiwi‘s approach will assist numerous Indian credit card users daily by addressing a crucial whitespace.
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Details About Kiwi: A revolutionary virtual credit card
Kiwi, the innovative credit card platform, has introduced an integrated “Credit on UPI” solution for its customers, which is the first of its kind in India and certified by the NPCI. Through its partnerships with banks, Kiwi will issue Rupay Cards and allow users to make secure payments using their mobile phones, either via a credit card or bank account. This advanced mobile application is set to establish one of the most extensive direct-to-consumer (D2C) models in the credit market, fulfilling Kiwi’s goal of offering cutting-edge financial services to its customers.
Kiwi, a recently established company, has been successful in securing $6 million as pre-seed funding from prominent investors, including Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors. The company’s co-founders are esteemed experts and veterans in the fintech and banking industries, including Siddharth Mehta (former CEO of Freecharge), Mohit Bedi (previously of Axis Bank and PayU), and Anup Agrawal (formerly head of business at LazyPay).
Siddharth Mehta, co-founder of Kiwi, expressed excitement about the app’s release, stating that UPI has grown to become the most inclusive payment method in India, with 30 crore unique users and 5 crore merchants already using the platform. The Kiwi app’s launch marks the first time in India that users can access the benefits of a RuPay credit card while enjoying the convenience of UPI. The company aims to enable credit access to one million users on UPI within the next 18 months.
The Reserve Bank of India (RBI) has recently given the green light for linking RuPay Credit Cards with the Unified Payments Interface (UPI), enabling users to enjoy a seamless, entirely digital credit card experience. With Kiwi, users can acquire their RuPay credit cards in a snap and link them to UPI via the app, which enables both online and offline transactions.
Additionally, the app offers an array of card management services, including card blocking, limit boosts, and easy payments, all accompanied by cash rewards for each transaction. To become a part of this revolution, users can join the waitlist by registering on the website right away. The Kiwi app will be available on both Android and iOS by mid-May.
NPCI’s COO, Praveena Rai, expressed her optimism for the future of digital payments in India, stating that the introduction of Kiwi will significantly alter the credit card industry. She noted that the monthly expenditure on UPI P2M transactions in India currently amounts to approximately Rs. 3.2 lakh crore, which is 2.5 times larger than the monthly credit card spends.
Kiwi aims to capitalize on this untapped market and the vast number of unique UPI users, which is more than 100 times the number of existing card users in India. Additionally, the acceptance points for ‘Credit on UPI’ are expected to be five times larger than those for regular credit cards. NPCI believes that Kiwi’s innovative model will provide ample support to Indian credit card users on a daily basis.
According to Anup Gupta, the Managing Director of Nexus Venture Partners, Kiwi is set to provide customers with the ultimate combination of credit cards and UPI. This means that they can enjoy the convenience, rewards, and flexible repayment options that credit cards offer, while also benefiting from the wide acceptance of UPI across India. Gupta expressed excitement in collaborating with the Kiwi team to advance credit card usage throughout the country.
Stellaris Venture Partners’ Ritesh Banglani praised UPI as the world’s second largest payment network, lauding its impressive scale and strength. Kiwi’s decision to incorporate credit card usage within the UPI ecosystem will serve to elevate the network’s already expansive consumer offerings. Thrilled to join forces with Kiwi on their mission to transform India’s credit card market, Stellaris Venture Partners looks forward to what the future holds.
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Credit on UPI & Lifetime Free Axis bank RuPay Credit Card for KIWI Waitlist Users:
- Cashback of 2% for users on the Waitlist
- Link to website: Kiwi: A revolutionary virtual credit card (gokiwi.in)
- Scan & Pay users get flat 2% cashback and waitlist users get flat 1% cashback
- The Kiwi app is expected to be available by mid-May, but users can already register and join the waitlist on the website
- Users can make UPI payments with Kiwi’s RuPay credit card
- Over the next 18 months, the leadership expects to onboard 2 million users
Apply For KIWI Free Credit Card. Join the Waitlist Now
Kiwi: A revolutionary virtual credit card (gokiwi.in)
Why Join the KIWI’s Reward System
- To make UPI payments with your credit card on Kiwi
- Scan & pay with your virtual credit card
- Credit Card Now also buy chai on your UPI
Works anywhere. Small or big, Pay using your virtual credit card with no minimum spend amount. Pay at any QR code With Kiwi, you can pay across all UPI apps. Its a platform-agnostic.
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- Lifetime free card
- Scan & Payon your virtual card
- Cashbacks on every purchase using your scan & pay card
- Our credit card is free—and always will be.
- Get it instantly
- With quick onboarding and verification, start using your card immediately.
- Rewards2x Assured
- Cashbacks on every purchase using your scan & pay card
- Rewards on every transaction
- We all deserve something extra
- Claim cashbacks anytime
- Directly deposited in your bank accountin no time.
- A credit card that works everywhere
Kiwi Rewards Terms and Conditions
1. Eligibility
Customer will become eligible for Kiwis (as defined below) from their first transaction. The transaction to be undertaken by the Customer will be in the multiples of Rs 50.
2. Kiwi Rewards
a. The points that the customers will earn will be called as “Kiwis”.
b. These Kiwis can be redeemed into their “Goaxb” UPI ID linked account at any time.
c. Each “Kiwis” will be currently worth Rs 0.25/-
3. Kiwi Reward Programme shall include the following programmes
a. Monthly Spend Rewards
b. Rewards for Onboarding for the Axis Bank Kwik Credit card
c. Transaction rewards for merchant payments using the Axis Bank Kwik Credit card
d. Transaction rewards for using their bank account
e. Referral Rewards
4. Rewards for Onboarding for the Axis Bank Kwik Credit card
a. 200 “Kiwis” on in principle approval for the Card–
b. 400 “Kiwis” For completing the KYC process for the card
c. 400 “Kiwis” For completing the first transaction on the card
d. Kiwis can only be redeemed after completion of the step 3 – completion of a transaction
e. This offer is not valid if the customer is been onboarded through a third-party agent
f. Offer will be on the sole discretion of Gokiwi and can be changed at their discretion
5. Transaction rewards for merchant payments using the Axis Bank Kwik Credit card
a. 1 Kiwi for every Rs 50 spent on the card – Kiwi’s are calculated on multipliers of Rs 50/- i.e
i. Transaction of Rs 100/- – 2 Kiwis earned
ii. transaction of Rs 75/- – 1 Kiwis earne
iii. transaction of Rs 175/- – 3 Kiwis earned
b. 2X rewards on Scan and Pay transactions. i.e. Customer earns 2 Kiwis for Every Rs 50 spent on the card by Scanning a QR.
c. Max cap on rewards is 1% of the Total credit limit on the card
6. Transaction rewards for using their bank account
a. Customers will receive 100 Kiwis for the first transaction using their Bank account on the Kiwi app.
7. Referral Rewards
a. “Referrer” – is a Customer who refers an unique referral code;
b. “Referee” – is person to whom the Referrer refers his/her unique referral code.
c. Referrer will get a unique referral code, which will be visible to them and they can share the same with Referee.
d. Axis Bank Kwik credit card shall be issued to the Referee at the sole discretion of the Bank post successful submission of credit card application form and KYC completion by the Referee on the Kiwi App.
e. Referrer will get 400 Kiwis post first successful transaction made on the Axis Bank Kwik credit card by the Referee.
f. The Referee shall need to complete the above-mentioned transaction within 7 days from the date of Referrer code so generated, for the Referrer to be eligible for the rewards.
8. Waitlist Rewards
- The waitlist will only apply to users who sign up
- Scan & Pay merchant payments with the Axis Bank Kwik credit card on the Kiwi app will be eligible for the “2% Cashback”
- For transactions of Rs 50 or more on the card, the user will earn 4 Kiwis. Kiwi’s are calculated using multipliers of Rs 50/-, for example.
- Earn 4 Kiwis for a transaction of Rs. 50/-
- Earn 4 Kiwis for transactions between Rs. 51 and Rs. 99/-
- Earn 8 Kiwis for a transaction of Rs. 100/-
- Earn 8 Kiwis for transactions between Rs. 101 and Rs. 149/-
- Earn 12 Kiwis from a transaction of Rs. 150
- Rewards are capped at 2% of the total credit limit
- The offer will be valid for 60 days from the date of issuing of the Axis Bank Kwik Credit card
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