The Punjab National Bank (PNB) has announced a strategic collaboration with Kiwi, a prominent credit provider on the UPI platform, to introduce credit-enabled UPI payments to its 180 million customers.
Details of the collaboration
As a part of the collaboration, the banking institution launched the ‘PNB Kiwi Credit Card’ on the RuPay network. This credit card will offer features such as:
- Fully digital onboarding
- Seamless UPI integration
- No annual fees, no joining fee
- Rewards such as cashback on online transactions from 0.5% up to 1.5%
The primary objective is to deliver a frictionless credit experience to users. This move comes amid the growing adoption of the Unified Payments Interface (UPI), which has now become a fundamental part of retail digital payments across the country.
Brief history of institutions
Punjab National Bank was founded in 1894 and is the nation’s largest and most reputable public sector bank, serving 180 million customers across 10,000 branches.
Kiwi (GoKiwi Tech Pvt. Ltd.), launched in 2023, is a fintech startup reimagining the credit card landscape across the country by harnessing the power of credit via UPI.
This collaboration with PNB, a public sector bank, is a first for Kiwi, as it is a relatively new entrant in the credit-on-UPI segment, which primarily enables credit card payments and transactions via QR-based payments.
Views of the leadership
PNB Executive Director Bibhu Prasad Mahapatra elaborated on the strategic partnership, stating, “India is witnessing a rapid shift towards digital payments, led by the growth of the Unified Payments Interface (UPI). With over 10,000 branches—60% in semi-urban and rural regions—we are well-positioned to extend formal credit to underserved segments. As RuPay credit cards gain momentum, our partnership with Kiwi marks a key step in enhancing financial flexibility and supporting everyday spending needs.”
Siddharth Mehta, Co-founder of Kiwi, added, “This partnership reflects the trust of one of the nation’s leading public sector banks in our journey to transform the way customers experience credit. Together, we aim to deliver a secure, flexible, and inclusive credit experience that strengthens access to formal credit nationwide.”
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