Rio.Money Launches UPI App & Credit Card with YES BANK & NPCI

Rio.Money, a growing fintech platform, has introduced its UPI app and partnered with YES BANK and the National Payments Corporation of India (NPCI) to launch the YES BANK Rio RuPay Credit Card. This development marks a significant step toward integrating credit with UPI, providing consumers with an innovative financial solution for everyday transactions.

Wondering what it is? Let's explore with TICE.

Combining UPI with Credit Access

Rio’s newly launched UPI app is designed to facilitate credit-based UPI payments, offering users a streamlined experience for their daily financial needs. The introduction of the YES BANK Rio RuPay Credit Card further strengthens the platform's offerings, enabling users to make purchases at over 100 million merchant locations across India.

The co-branded credit card provides several features aimed at enhancing user convenience, including:

• A credit limit of up to ₹5 lakh.
• No joining or annual fees.
• Access to cashback rewards and other exclusive offers.

These features are targeted toward a wide range of users, particularly in Tier 2 and Tier 3 cities, where demand for accessible financial products is growing rapidly.

Read More: Is India’s Startup Scene Making a Comeback? The Trends Suggest So!

Strong Response from Smaller Cities

Within a month of its beta phase, Rio received applications from 244 cities across India, with 60% of these applications coming from Tier 2 and Tier 3 cities. This reflects a significant interest in such financial products outside metropolitan areas, where digital and credit-based payment solutions are still gaining traction.

App Features Enhance Daily Transactions

The Rio UPI app includes several features aimed at simplifying transactions. Its "Know Your Offers" section allows users to access personalized rewards and redeemable deals, making it a practical choice for frequent users. These features, coupled with the ability to make credit-based UPI payments, position the app as a versatile financial tool.

The app has already recorded 10,000 downloads during its beta launch, indicating early interest among users.

Riya Bhattacharya, Co-founder and CEO of Rio Money said on the launch, "We aim to make Rio a trusted UPI app for millions of Indians. By integrating credit with UPI, we are addressing a critical need in consumer finance. The launch of the YES BANK Rio RuPay Credit Card is a step toward redefining cash flow management for users across India."

Anil Singh, Country Head, YES BANK added to to it, "This co-branded credit card aligns with our vision of delivering innovative financial solutions. With its integration into UPI, it offers rich benefits and cashback, catering to the evolving needs of consumers."

Nalin Bansal, Chief of Corporate and Fintech Relationships, NPCI also expressed his thoughts. He said, "The Rio partnership introduces a novel approach to UPI-led credit. Their value proposition, including incentives like cashback and social features such as ‘Friends and Family,’ is expected to encourage responsible credit adoption."

Read More: ArisInfra IPO: SEBI Approves to Raise Rs 600Cr

UPI-Led Credit: A Growing Market

UPI continues to dominate India’s digital payments landscape, with over 100 million merchant locations accepting it, compared to 10 million POS machines for traditional credit cards. The increasing adoption of UPI-based credit products is creating new opportunities, with the market expected to reach $1 trillion by 2030.

Experts highlight that UPI-led credit could outpace traditional credit products due to its accessibility and ease of use. The trend is supported by rising user adoption rates and the growing penetration of fintech solutions in smaller cities.

Looking Ahead

Rio’s entry into UPI-enabled credit payments underscores the broader shift toward integrating credit and digital transactions in India. As UPI transactions are projected to grow significantly in the coming years, Rio’s approach to offering credit solutions through UPI positions it as a participant in this evolving ecosystem.

The platform’s focus on user-friendly features and its appeal to underserved markets reflect the broader trend of fintech companies aiming to bridge gaps in financial accessibility. With its current momentum, Rio is set to contribute to the expanding market of UPI-led credit solutions in India.

Join Our Thriving Entrepreneurial Community

Follow TICE News on Social Media and create a strong community of Talent, Ideas, Capital, and Entrepreneurship. YouTube  | Linkedin | X (Twitter) | Facebook | News Letters