CREDIT CARD PLATFORM KIWI
![Citibank credit cards will be migrated to Axis Bank by July 15, 2024: Till when can you use your Citibank credit card post migration?](https://img.etimg.com/thumb/msid-111605844,width-100,height-75,resizemode-4/wealth/spend/citibank-credit-cards-will-be-migrated-to-axis-bank-by-july-15-2024-till-when-can-you-use-your-citibank-credit-card-post-migration.jpg)
Citibank credit cards will be migrated to Axis Bank by July 15, 2024: Till when can you use your Citibank credit card post migration?
Citibank credit cards: Axis Bank has informed that the migration of Citibank credit cards to Axis Bank credit cards will be completed by July 15, 2024. This is as per migration FAQs available on the Axis Bank website.
![Axis Bank services to be affected this Saturday, Sunday due to Citibank migration; full list of services you can, cannot use](https://img.etimg.com/thumb/msid-111688287,width-100,height-75,resizemode-4/wealth/save/axis-bank-services-to-be-affected-this-saturday-sunday-due-to-citibank-migration-full-list-of-services-you-can-cannot-use.jpg)
Axis Bank services to be affected this Saturday, Sunday due to Citibank migration; full list of services you can, cannot use
Axis Bank has notified its customers through email and SMS that there could be disruptions in their banking services on the internet banking and mobile banking platforms. This is due to the ongoing transition of Citi's consumer business in India to Axis Bank, which is in its final stages.
![ET Explainer: Issues with credit card bill payments through third-party apps](https://img.etimg.com/thumb/msid-111608262,width-100,height-75,resizemode-4/tech/technology/et-explainer-issues-with-credit-card-bill-payments-through-third-party-apps.jpg)
ET Explainer: Issues with credit card bill payments through third-party apps
Effective July 1, RBI mandates all banks use BBPS for credit card payments, enhancing security and standardizing grievance redressal. Major banks like HDFC and Axis Bank are integrating. Auto debit, net banking payments route through BBPS. Apps like PhonePe adapt. Payments Council of India's extension request was denied, impacting fintech app margins.
![New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm](https://img.etimg.com/thumb/msid-111461585,width-100,height-75,resizemode-4/wealth/spend/new-credit-card-rules-hdfc-bank-axis-bank-other-banks-customers-cannot-make-credit-card-bill-payments-using-cred-phonepe-paytm.jpg)
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
![Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank](https://img.etimg.com/thumb/msid-111358741,width-100,height-75,resizemode-4/wealth/spend/major-credit-card-rule-changes-of-big-banks-that-will-come-into-effect-in-july-sbi-card-hdfc-bank-icici-bank-citibank.jpg)
Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank
New credit card rules: Many major banks have implemented significant modifications to the credit card services. Let's examine the important changes to credit card services offered by these major institutions, which will take effect in July.
![Top fintechs dial NBFCs for secured credit partnerships](https://img.etimg.com/thumb/msid-111385760,width-100,height-75,resizemode-4/tech/technology/top-fintechs-dial-nbfcs-for-secured-credit-partnerships.jpg)
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
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Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Axis Bank-Citibank credit card migration: 9 Citi cards transferred to Axis Bank; new credit card names, benefits, reward points
Axis Bank-Citibank credit card migration: Citibank credit card holders should note that your card number, CVV, and transaction limits will stay the same after the migration. Your annual fee, spend-based fee waiver limits, and statement date will also remain unchanged. After the migration, you will have a combined credit limit across all your Citi-branded Credit Card(s) and Axis Bank Credit Card(s).
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
Why Kunal Shah’s Cred is betting on secured loan products
Kunal Shah-promoted fintech has conducted market study and spoken with lending partners, but it is still early days, say sources. Unlike consumer credit, secured lending has a long physical leg to the business too. An NBFC executive highlighted the importance of control over loan disbursal and credit underwriting processes for secured products.
Adani One launches cobranded credit cards with ICICI Bank, enters financial services
Adani One, the super app by Adani group, launches cobranded credit card with ICICI Bank. The card offers rewards for spends within Adani ecosystem.
InsuranceDekho in talks to acquire credit marketplace BankSathi: sources
Insurance marketplace InsuranceDekho, backed by investors like TVS Capital and Goldman Sachs Asset Management, will acquire a majority stake in BankSathi, which is a distributor of credit cards and personal loans, two people in the know said.
Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits
Adani Group and ICICI Bank have joined hands to introduce co-branded credit cards offering airport-linked benefits, aiming to enhance customer experience across various businesses. The Adani One app, launched in December 2022, serves as a digital platform for booking tickets, accessing airport facilities, and more. The cards provide perks like Adani Reward Points on various spends, premium lounge access, free air tickets, discounts on duty-free shopping, and F&B expenses at airports.
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
B2B fintech startup Vegapay raises $5.5 million from Elevation Capital
Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Maldives to launch India's RuPay service amid bilateral tensions
Despite recent turbulence in bilateral relations, the Maldives is set to launch India's RuPay service, a move expected to strengthen the Maldivian Rufiyaa. Minister of Economic Development and Trade Mohamed Saeed highlighted the significance of the upcoming launch, emphasizing the administration's priority to address currency issues and reinforce the MVR. While no specific date has been announced for the launch, discussions are underway with India to facilitate payments in rupees within the Maldivian territory.
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
HDFC Bank says 6-7 pc of overall annual expenses are on tech
It can be noted that HDFC Bank was the first major lender to be slapped with business restrictions like a pause on issuing new credit cards and also launching new online products over two years ago.
Airport lounge access through cards getting tougher: Factors you must know to avoid last-minute shock
Airport lounge access: Airport lounges are a very popular feature among travellers in India. However due to rush of passengers in airport lounges, overcrowding issues came up, and to tackle this issue and make lounges accessible to all, certain measures were taken. These measures are aimed at fair usage for all and to provide a good experience to travellers.
Rewards credit cards with most value-back potential: SBI Card, HDFC Bank, Axis Bank, IDFC First Bank, American Express
Listed below are the best rewards credit cards in India, chosen basis their reward earning rate, redemption value and overall value-back potential across multiple spending categories.
You now recharge these SBI cards online using Bharat BillPay platform
In an effort to further enhance traveller convenience, the State Bank of India (SBI) and NPCI Bharat BillPay have collaborated to onboard SBI NCMC cards on the Bharat BillPay network. This will ensure a hassle-free experience and avoid long waits for people reloading or topping up their cards online.
3 new Rupay credit card rules: Now apply for EMIs, pay credit card bill, increase limit via UPI app; check details
Rupay credit card rules: The new features announced include EMI facility on the linked credit accounts on UPI app, Credit Account Bill Pavment, Instalment Payment and limit management. The NPCI has asked issuing entities like banks and card issuers to enable these features by May 31, 2024.
Top banks' co-branded credit cards: Cashback offers, fuel surcharge waiver, discounts, freebies, annual fee
Top co-branded credit cards: Banks and other credit card issuers offer credit cards in collaboration with popular brands across different segments. Let us look at the top banks' co-branded credit cards across different spending categories such as shopping, dining, travel, movies, fuel and more.
Credit card payment rule change: Can you change credit card billing cycle, due date multiple times now? What RBI says
Credit card billing new rule: The Reserve Bank of India (RBI) has tweaked its guidelines for credit cards to allow for more flexibility to the customers. This means more control over your billing cycle, the period between your credit card statements. It is important to set your billing cycle in a way that you can pay your credit card bill without any difficulty. Can you choose or change your credit card billing cycle and due date? Know what RBI latest guidelines say
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