Zaggle, NPCI partner to launch multiple credit cards on RuPay network

Zaggle, a profitable SaaS FinTech company and a pioneer in digitizing business spends, has collaborated with National Payments Corporation of India (NPCI) to issue contactless credit cards on the RuPay network.

Zaggle and NPCI along with partner banks would use this platform to launch multiple credit cards to address the ever-growing demand of corporates, SMEs, and consumers. The cards would be enabled for international as well as domestic transactions, making business travel convenient and easy. Besides, users would be able to use this credit card for contactless transactions as well.

Avinash Godkhindi, MD & CEO, Zaggle, said, “Through our credit cards, we intend to provide access to credit to largely underserved Indian consumers. The Indian market remains fairly under-penetrated and while there are challenges to growth due to the on-going geo-political crisis, we are seeing steady demand across corporates, SMEs and consumers...”

Zaggle would focus on enhancing user journey through digital onboarding and instant issuance along with intuitive in-app customer experience, spend insights, credit score, etc. This would be supplemented by product innovations like gamification, customised partner offers, and other ancillary services. The customers would also be rewarded with cashback points, accelerated reward points, air miles, and various other exciting offers and discounts.

Raj N, founder and chairman, Zaggle, said, “RBI’s announcement to link credit cards with UPI will provide a huge boost to this segment. Recently India witnessed nearly 9.4 billion transactions of Rs 10.25 trillion led by Unified Payment Interface (UPI), and this suggests the huge opportunity that India offers. We are excited about our partnership with the NPCI and the launch of multiple credit cards will enable us to fulfil customer requirements providing them with several benefits and rewards. The Indian spend management market provides an addressable opportunity of nearly $1 trillion and through our innovation led-partnerships, we will continue to revolutionise credit offerings for our customers.”

Zaggle intends to combine credit cards as payment solutions to their spend management software providing the businesses with a holistic value proposition. The cards and software would be available as tightly integrated solutions for customers to address their unique requirements.

Saurabh Puri, chief business officer-Credit Cards, Zaggle, said, “The adoption of credit products is increasing at a fast pace in the country and we see huge headroom for credit growth. The launch of the credit cards in collaboration with NPCI is in line with rapidly evolving consumer preferences and lifestyles. The focus of the credit cards will be to enhance the user journey via digital on-boarding, instant issuance and In-App customer experience and the customers will be rewarded with benefits like cashback points, accelerated reward points, air miles and many more. Business travel will become much easier as the cards will enable international and domestic contactless transactions. We are in sync with the RBI’s vision of ‘less cash’ economy and our offering of multiple credit cards on RuPay network will help build a digital India.”

Gaurish Korgaonkar, Head – Fintech and Corporate Business, NPCI, said, “...These cards will be enabled for domestic as well as international transactions and hence, will play a pivotal role in aiding the requirements of business travellers. At NPCI, we constantly aim to innovate and augment an already extensive line of products and services targeted towards boosting digital spends and expediting the creation of a cashless economy.”