vCard: Enabling UPI via credit card

The product of Tensor Fields Consultancy Services, vCard allows users to make UPI payments using their credit card seamlessly.

Hyderabad: A Hyderabad-based company has developed India’s first mobile-based credit card which allows Unified Payments Interface (UPI) through a mobile application. The product of Tensor Fields Consultancy Services, vCard allows users to make UPI payments using their credit card seamlessly. The application has a credit limit of Rs 5 lakh and it can be repaid in 30 days and/or users can convert their entire credit amount into easy monthly installments (EMI) as well.

Although, currently the National Payments Council of India (NPCI) is still formulating a detailed regulations and guidelines on UPI Credit Card and has not issued them formally, vCard has partnered with RBL Bank to use the bank’s MasterCard Credit Card to run its credit card programme. The application uses NPCI’s merchant fund transfer mechanism for UPI payments.

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“vCard and RBL have been reviewed by NPCI and associated regulatory audits on multiple occasions and this arms-length merchant relationship has been found in compliance with the bank guidelines,” said Vishal Ranjan, founder and CEO of the startup firm under Tensor Fields Consultancy Services.

The credit card industry in India has about 3.5 crore users and among the salaried class the penetration of credit card is only 5-6 per cent. All this has made usage credit card to become a big boy class product and the industry has also not seen much innovation in the way it operates. Ranjan along with this team aims to disrupt this space by bringing the convenience of plastic card onto a mobile app. After working for almost two years on the product, the company was able to go live two years ago with RBL Bank and has 12,000 customers now.

“We are live in 75 cities and have about 20-plus employees. We are looking at hiring aggressively to reach 50-plus headcount in the next few months. In terms of bank integration we are in talks with multiple leading Banks and NBFCs. Once the platform, technology and product-customer-fit are established, multiple lenders can participate in the vCard programme,” Ranjan said.

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