Rio.money launches -UPI App and Partners with YES BANK and NPCI to introduce Co-Branded Credit Card.

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Rio, a fast-growing fintech platform, has announced the launch of its UPI app, providing users with seamless access to credit for UPI payments. In parallel, Rio has partnered with YES BANK, and NPCI to introduce the co-branded YES BANK Rio RuPay Credit Card. This partnership aims to revolutionize the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI.

The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to ₹5 lakh.

This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, with 60% from Tier 2 and Tier 3 cities, highlighting the growing demand for high-quality products outside major cities.

Rio’s app is set to become one of the first platforms to seamlessly integrate credit benefits into UPI payments. The app simplifies daily transactions while offering users personalized rewards and exclusive deals through its “Know Your Offers” feature, which can be instantly redeemed. This innovative solution positions Rio as a leader in UPI-enabled credit, with over 10,000 downloads already recorded during its beta launch.

Ms. Riya Bhattacharya, Co-founder and CEO of Rio Money, expressed her vision: “Rio will become the favourite UPI App for millions of users in India that lead an aspirational lifestyle and love affordability products. We are building a brand that they love and use everyday. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India. With the launch of Credit-on-UPI, we are pioneering a lifestyle product that will redefine cash flow management for 600 million Indians. We expect this market to grow into a $350 billion opportunity, subsuming other credit and payment products.”

As UPI transactions are poised to increase tenfold from 0.5 billion daily transactions, Rio is positioned to be a key enabler of credit products via UPI and will cater to over 100 million users in the next five years.

Mr. Anil Singh, Country Head – Credit Cards and Merchant Acquiring, Yes Bank, expressed his excitement: “We are thrilled to offer this co-branded credit card to Rio users. It’s truly the credit card of choice, linking with UPI and unlocking the true potential of payments. The credit card provides rich benefits in the form of simple cashbacks and a host of exciting offers which are compelling for users for their regular spends.”

Mr. Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI expressed his enthusiasm: “We are happy to partner with the energetic team at Rio, one of the new Fintechs who have successfully launched a Credit focused product on UPI. While they are going to drive penetration through cashbacks and other benefits, their value proposition focused on new consumer acquisition through Friends and Family, we believe will drive a lot of responsible credit uptake.”

With UPI-led credit cards becoming increasingly popular, Rio is poised to capture a large share of this burgeoning market. Experts estimate that credit on UPI will outgrow traditional credit products, creating a $1 trillion opportunity by 2030.

Currently, UPI is accepted at over 100 million merchant locations compared to only ten million POS machines that support traditional credit cards. UPI led credit is already exhibiting a very high user adoption rate, the largest listed Credit card issuer seeing 50% growth quarter-on-quarter.