BOBCARD and RuPay Introduce EMI Feature on UPI Payments for Seamless Credit Management

BOBCARD LIMITED, a subsidiary of Bank of Baroda, has announced a groundbreaking development in digital payments with the launch of an Equated Monthly Instalment (EMI) feature on Unified Payments Interface (UPI) transactions. This new service, in collaboration with RuPay, allows cardholders to convert their purchases into EMIs conveniently through their UPI app by simply scanning a QR code.

How It Works?

The EMI feature enables RuPay BOBCARD holders to transform their purchases into manageable monthly payments directly via UPI. Users can select the EMI option during checkout when making payments both online and offline. This innovation simplifies the payment process by integrating credit management into the widely-used UPI platform.

To avail of this service, customers need to apply for EMI through their linked RuPay credit card on any UPI-enabled app. The process is streamlined: users authorize the EMI setup using their UPI PIN. Once set up, users can choose their preferred installment period and track their ongoing EMIs within the UPI app. Additionally, the feature supports the conversion of past transactions into EMIs, providing flexibility for users who wish to manage their expenses retrospectively.

Impact and Benefits

This new EMI feature is designed to cater to the festive shopping season, aiming to boost the adoption of digital credit. It is particularly beneficial for consumers in Tier 2 and Tier 3 cities, where access to traditional credit facilities might be limited. By integrating EMI options with UPI, BOBCARD and RuPay are making it easier for users to manage their finances and access credit in a more accessible and user-friendly manner.

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Established in 1994, BOBCARD LIMITED—formerly known as BOB Financial Solutions Limited—is a Non-Banking Financial Company wholly owned by Bank of Baroda. This latest initiative underscores BOBCARD’s commitment to enhancing digital payment solutions and offering innovative financial products to its customers.

[Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial or investment advice.]