BharatPe, Unity Bank Launch India’s First EMI-based RuPay Credit Card

Unity Small Finance Bank (Unity Bank) and BharatPe jointly launched a credit card ‘BharatPe’. It is being introduced as India’s first EMI-based credit card on the RuPay network.

• Unity Small Finance Bank (Unity Bank) and BharatPe jointly launched a credit card, which gives customers the option to either make full payment or convert their expenses into Equated Monthly Installments (EMI).
• It is being introduced as India’s first EMI-based credit card on the RuPay network.
• The Unity Bank BharatPe credit card has been developed in collaboration with the National Payments Corporation of India (NPCI).
• The card can be linked to the Unified Payments Interface (UPI), enabling payments to various merchants across the country.
• This card will be available to both salaried and self-employed individuals. Applications can be made through the BharatPe app, where users can digitally complete onboarding, KYC, and credit eligibility checks before card activation.

Main features of the first EMI-based credit card

• Auto-EMI conversion: Purchases can be instantly split into EMIs of up to 12 months with flexible repayment options.
• Zero charges: No joining, annual, or foreclosure fees – lifetime free card.
• UPI integration: Linked to UPI for wide merchant acceptance and instant payments.
• Reward program: Earn a flat 2% reward (Zillion Coins) on EMI transactions, redeemable through the BharatPe app.
• This card has industry-first features, designed to make everyday payments – including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle expenses – smarter and more rewarding, both online and offline.

BharatPe

• 2018: Launched India’s first interoperable UPI QR code with zero Merchant Discount Rate (MDR) to provide merchants with free digital payment acceptance.
• 2019: Entered the unsecured lending market for merchants in partnership with RBI-approved Non-Banking Financial Companies (NBFCs).
• 2020: Introduced Bharat Swipe, India’s first Point-of-Sale (POS) card acceptance machine with no rental charges.
• 2021: Acquired PAYBACK India, a large multi-brand loyalty program. Achieved unicorn status with a valuation of $2.85 billion. Launched its “Buy Now, Pay Later” (BNPL) product, Postpe. Acquired 49% stake in Unity Small Finance Bank.
• 2024: Launched BharatPe One, India’s first all-in-one payment device.

Unity Small Finance Bank (India)

• Established by Centrum Financial Services Limited and BharatPe, operations began on November 1, 2021. A “digital-first” bank focused on collaboration and open architecture, leveraging BharatPe’s digital platform and Centrum’s existing MSME and microfinance businesses.

Major milestones of RuPay:

• Developer – This new payment network developed by the National Payments Corporation of India (NPCI), as envisioned by the Reserve Bank of India (RBI).
• March 2012: RuPay network launched.
• June 2013: RuPay PaySecure introduced.
• May 2014: President Pranab Mukherjee dedicated RuPay to the nation.
• May 2014: RuPay Platinum Card variant launched.
• June 2016: RuPay Contactless Cards introduced.
• June 2017: RuPay Credit Card launched.

National Payments Corporation of India (NPCI)

• It is an umbrella organization for operating retail payment and settlement systems in India. It was established in 2008 by the initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
• NPCI develops and operates services such as UPI, BHIM app, and National Automated Clearing House (NACH).