Mumbai, 8th June, 2023: RING, India’s leading digital credit platform has partnered with National Payments Corporation of India (NPCI) to add its newly launched UPI Plug-in functionality to RING’s pre-existing suite of digital services. This partnership will help RING offer ‘Scan & Pay’ options to its existing customers and acquire new customers who use UPI as a preferred mode of payment. With this collaboration, the RING app will become a one-stop integrated payment and credit solution where a customer can avail credit and pay merchants across the country.
The UPI payment experience will allow RING users to create a UPI ID and link it to their existing bank accounts. Users can make UPI payments from their bank accounts linked to the RING app, by scanning any merchant’s QR code, increasing flexibility and enhancing user experience. RING aims to strengthen its offerings and create stronger customer value proposition through this partnership.
Commenting on the new development, Karan Mehta, co-founder & CTO, RING said, “We resonate with the RBI & NPCI’s vision to make UPI the preferred payment option in moving a step closer to Digital India. The partnership with NPCI will enable RING to adopt UPI Plug-In and become an integrated platform where all our users’ digital finance needs are met, seamlessly. We will continue focusing on consumer needs and increasing customer affinity through enhanced user experience. This is the first of many partnerships that RING will forge to make itself the leading digital credit as well as payments platform in India.”
Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI, said “We are very excited to launch UPI Plug-in on RING to provide users a faster, more secure, and seamless transaction experience. UPI Plug-in offers a much swifter approach to provide inline consumer experience to Merchants and Fintechs. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.”
Since its launch in June last year, RING has over 4 million transacting customers and has partnered with over 10 Lakh merchants across the country. With this latest step forward, RING hopes to quickly expand its repertoire and offer a complete package of useful digital finance tools for its lakhs of users and merchants.