Which company has recently (in Dec ‘22) partnered with Axis Bank to enable merchants to accept credit card transactions via Unified Payments Interface (UPI)?

The correct answer is Razorpay.

Key Points

• Fintech platform Razorpay announced a first-of-its-kind move, in partnership with Axis Bank, to enable merchants to accept credit card transactions via Unified Payments Interface (UPI) with minimal changes to the existing setup. 
• This facility has been enabled for the customers of HDFC Bank, Punjab National Bank (PNB), Union  Bank, and Indian Bank. 
• At present, UPI enables customers to make transactions through their bank accounts.

Additional Information

• ​Recently, The National Payments Corporation of India has extended the deadline for online payment platforms using UPI to meet its 30% market share cap by two years.
• In the month of October 2022, the UPI transaction value touched a new high at Rs 12.11 lakh crore, with the transaction count touching 7.3 billion.
• RBI’s Payment Vision 2025, is expected to UPI will register an average annualized growth of 50%.