India's First EMI-Based Credit Card

Recently, Unity Small Finance Bank and BharatPe launched India's first EMI-driven credit card on the RuPay network. This innovative product allows users to pay for their purchases in full or convert them into Equated Monthly Instalments (EMIs), making it an attractive option for those looking to manage their spending.

Key Features of the Unity Bank BharatPe EMI Credit Card

1. EMI Conversion:

   • Instant EMI Option: Purchases made using the card can be split into EMIs of up to 12 months with flexible repayment options, giving consumers the flexibility to manage their expenses better.

2. Zero Fees:

   • The card is lifetime free, with no joining fee, annual fee, or foreclosure charges, making it more accessible to a wider range of customers.

3. UPI Integration:

   • The credit card can be linked to Unified Payments Interface (UPI), enabling users to make instant payments at numerous merchants across India, thus offering broader merchant acceptance.

4. Reward Program:

   • Users will earn 2% flat rewards on EMI transactions, which can be redeemed via the BharatPe app, encouraging continuous usage of the card.

5. Premium Benefits:

   • The card also offers complimentary access to domestic and international airport lounges and provides preventive health checkups, enhancing the card's appeal to frequent travelers and health-conscious users.

6. Digital Onboarding:

   • The card's application process is entirely digital via the BharatPe app, allowing users to complete KYC (Know Your Customer) and credit eligibility checks seamlessly before the card is activated.

Partnership Details

• The Unity Bank BharatPe Credit Card is a result of a collaboration between Unity Small Finance Bank, BharatPe, and the National Payments Corporation of India (NPCI). This partnership leverages the strengths of the RuPay network, which aims to foster financial inclusion and promote the use of digital payment methods across India.

Target Audience and Eligibility

• The card is available to both salaried and self-employed individuals. The eligibility and application process can be completed digitally through the BharatPe app, ensuring that the process is user-friendly and accessible.

Conclusion

This EMI-based credit card is a significant development in India’s financial sector, offering an innovative solution for consumers who wish to manage their expenses with flexibility. The Unity Bank BharatPe Credit Card combines the convenience of EMI payments, zero fees, and UPI integration, making it a competitive offering in India’s growing digital payments ecosystem. It also represents a move towards financial inclusivity by catering to both salaried and self-employed individuals and allowing easy access through the BharatPe app.