Mumbai– August 28, 2024: Utkarsh Small Finance Bank along with super.money a credit-first UPI platform, today unveiled its co-branded credit card. The credit card supports regular merchant payments as well as UPI transactions using super.money’s ‘Scan & Pay’ feature. The announcement comes at a time when UPI integration has significantly boosted the adoption of credit cards in India. As per recent reports, nearly 30 percent of new credit cards are now being issued on the RuPay network.
In an industry-first, super.money allows users to obtain a credit card by initiating a deposit ranging from Rs. 100 – Rs. 10 Lakhs. This wide range allows people from all walks of life to participate in the ‘credit on UPI’ ecosystem. The deposit further yields an attractive interest rate, offering the dual benefit of allowing users to build their credit profile, their funds also earn attractive returns.
Cardholders are seamlessly enrolled in superCards rewards program. The card holders get lifetime access to superUPI, 5% off on transactions on Myntra, 3% off on Cleartrip and 2% off on Flipkart. The users can also avail 0.5% cashback on all eligible transactions. Once enrolled, users automatically receive cashback rewards with each purchase, simplifying the process and delivering immediate financial benefits without any additional steps.
Commenting on the partnership Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank, said, “Our partnership with super.money to offer India’s first FD-linked UPI-enabled co-branded credit card aligns with our commitment to provide innovative financial solutions. This is in sync with our strategy to expand the market by bringing benefits of a credit card to a segment with lower credit penetration. By integrating our services with super.money’s platform, we aim to offer individuals the opportunity to build a positive credit profile and get access to more lending products in future. We are excited to be part of this initiative and look forward to the positive impact it will have on customers’ financial journey.”
Launching the secured credit card at the Global Fintech Fest 2024, Prakash Sikaria, Founder & CEO of super.money, said, “Credit on UPI has addressed the demand side of the ecosystem, but the challenge remains on the supply side—specifically, how to bring the masses into the mainstream credit system, given the lack of adequate data for underwriting this cohort. This universal credit card product paves the way for the financial inclusion of millions of Indians who have previously been excluded from mainstream credit, offering them a path to formalize their credit journeys. As we move forward, we are excited to expand our financial services ecosystem and democratize access to credit for all.”
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