IndusInd Bank has announced the launch of ‘IndusInd Bank eSvarna’, a corporate credit card that allows users to make UPI payments at merchant outlets by linking the card with UPI-enabled apps.
The card, which has been launched on RuPay network, is said to be India’s first corporate credit card to integrate UPI functionality.
In a statement, the banks said the card comes with an array of perks and rewards including complimentary lounge access and fuel surcharge waiver. Corporate travellers can also receive the benefit of comprehensive travel insurance coverage and an exclusive rewards program crafted for corporate entities, the bank said.
Moving forward with UPI?
In September, the Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, launched several new UPI-based digital payment features developed by the National Payments Corporation of India (NPCI).
India’s Unified Payments Interface (UPI) system, which was launched in 2016 for public use, is increasingly being seen as an approach that can be followed on a global scale. Experts recently called on the rest of the world to follow suit in adopting the system, citing proven results in reducing barriers to financial inclusion.
Approximately 7.2 billion UPI transactions took place in India, in 2022, representing 50% of all transactions in a country of 1.4 billion people, of which the majority are the emerging middle class or the lower socioeconomic segment.
The instant payment system, which was developed by National Payments Corporation of India (NPCI), facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It allows for practically instant money transfer between bank accounts via one single application, so consumers can send and receive money, pay bills and authorise payments on one interface in a single step, simplifying the whole online transaction process.
Speaking on the latest announcement, Mr. Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank, said: “The introduction of India’s first ‘Corporate Credit Card’ on the RuPay network is a testament to our constant endeavour in elevating customer experience. The product comes from our deep understanding of the segment and we are delighted to introduce a compelling proposition for Indian professionals and businessmen who travel extensively and has a need for lifestyle-related value added benefits.
Ms. Praveena Rai, Chief Operating Officer, NPCI, added: “RuPay has been at the forefront of advancing India’s payment infrastructure through its state-of-the-art card payment network. The launch of ‘eSvarna,’ the country’s inaugural corporate card on RuPay, represents a significant step for corporate clients to access unique corporate offerings, benefits, and seamless UPI-enabled payments.”
