Producer: Priyanka Das Editor: Mohit Bisht
The UPI on credit cards is a significant regulatory move that complements the rise of contactless payments. This advancement enables customers to make transactions without depleting their bank account balance and or having to carry their physical cards.
New-age banks are playing a pivotal role in the credit card surge by offering tailored solutions to diverse customer bases. These customised cards cater to specific needs and preferences, enhancing their appeal.
The rise of co-branded credit cards, developed in collaboration between issuers and major merchants across various product categories, has added a new dimension to the credit card landscape. These partnerships often come with exclusive rewards and benefits.
Non-Banking Financial Companies (NBFCs) and FinTech firms have entered the credit card space, collaborating with credit card issuers through co-branding partnerships. This collaboration has introduced innovative features and technologies to the market.
The regulator is focusing on safeguarding consumers from fraud and misuse of credit cards. This emphasis on security and transparency has built trust among users, contributing to the increased adoption of credit cards.
Organisations are enhancing IT capabilities to meet evolving challenges and fortify data security. Credit card companies are integrating sustainability, diversifying leadership, and enhancing governance transparency.