BOBCARD and RuPay Collaborate to Introduce EMI Option for UPI Payments

BOBCARD and RuPay Collaborate to Introduce EMI Option for UPI Payments

BOBCARD Limited, a subsidiary of Bank of Baroda, has partnered with RuPay to launch a new Equated Monthly Instalment (EMI) feature for Unified Payments Interface (UPI) transactions. This collaboration allows RuPay BOBCARD holders to convert their purchases into EMIs seamlessly through UPI apps by simply scanning a QR code at the time of payment.

With this new feature, RuPay BOBCARD users can make payments via UPI across both online and offline merchants and choose to convert their transactions into EMIs at checkout. This offers customers greater financial flexibility, allowing them to manage larger purchases over time.

To avail this service, customers need to link their RuPay credit card to a UPI app. Once linked, they can opt for the EMI facility by using their UPI PIN as consent. During checkout, users can select the EMI option, choose their desired repayment period, and proceed with the transaction. The UPI app also provides features to track ongoing EMIs and even convert past transactions into EMI payments if needed.

This new offering, launched ahead of the festive season, is expected to boost the adoption of digital credit, especially in Tier 2 and Tier 3 cities. By catering to consumers in these regions, the EMI option makes larger purchases more accessible and convenient.

BOBCARD Limited, established in 1994, is a Non-Banking Financial Company (NBFC) wholly owned by Bank of Baroda. The company's strategic partnership with RuPay to introduce this EMI feature aligns with its broader goal of driving digital financial inclusion across India.