CareCredit - Women's Health April 2024

IndusInd Bank Launches Corporate Credit Card on RuPay Network

IndusInd Bank has launched a corporate credit card on the RuPay network.

With this launch, the new eSvarna corporate credit card will integrate Unified Payments Interface (UPI) functionality, the bank said in a Tuesday (Dec. 26) press release.

“The product comes from our deep understanding of the segment and we are delighted to introduce a compelling proposition for Indian professionals and businessmen who travel extensively and have a need for lifestyle-related value added benefits,” Soumitra Sen, head of consumer banking and marketing at IndusInd Bank, said in the release. “This card caters to their discerning lifestyle needs by offering unparalleled experiences and benefits across various categories, including travel, wellness and lifestyle.”

The eSvarna corporate credit card facilitates smooth transactions and allows users to make UPI payments by linking the card with UPI-enabled apps, according to the release.

The card also comes with an array of perks and rewards, including complimentary lounge access and fuel surcharge waiver, comprehensive travel insurance coverage and a rewards program designed for corporate entities, the release said.

This card also aligns with the vision of the National Payments Corporation of India (NPCI), the creator of RuPay and UPI, to build a digitally inclusive society, NPCI Chief Operating Officer Praveena Rai said in the release.

“The launch of eSvarna, the country’s inaugural corporate card on RuPay, represents a significant step for corporate clients to access unique corporate offerings, benefits and seamless UPI-enabled payments,” Rai said in the release. “This will elevate the overall experience for large corporates and their employees, delivering an unparalleled user experience marked by simplicity and efficiency.”

In another recent development involving RuPay, it was reported in October that SBI Cards and Reliance Retail are launching a credit card on the payment network. This co-branded card marks Reliance’s entry into the credit card space.

It arrives at a time when credit card spending has boomed in India, with cards in the RuPay network jumping nearly 20% year over year as of September.

Also in October, French payment company Worldline joined forces with the international arm of NPCI to expand the acceptance of UPI and RuPay across Europe.