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Google Launches ‘Flex by Google Pay’, a UPI-Based Digital Credit Card in India
Popular UPI payment app Google Pay, in partnership with Axis Bank, has launched a co-branded credit card on the RuPay network, which can be linked to customers' UPI accounts for merchant payments. This card offers instant cashback or rewards. Let's learn the details.
Google has announced Flex by Google Pay, an innovation meant to facilitate credit transactions easily for Indians. This is an offering that is developed using the RuPay network and is accessible on the Google Pay application. This is an offering that provides an online co-branded credit card service that is an amalgamation of the flexibility provided by the UniFied Payment Interface and a credit limit. This is just one of its offerings under its brand and is named Google Pay Flex Axis Bank credit card. This is accessible on the Google Pay application and was released in partnership with Axis Bank.
On its blog, Google announces the rollout of its new credit offering in terms of its credit line product, “Flex by Google Pay,” along with its first credit card in partnership with Axis Bank. Stating that India has only 50 million credit card holders, the company claims this initiative is designed to improve users' access to credit.
Simply put, Flex is a UPI-powered, digital co-branded credit card that resides entirely within the Google Pay app. Users can apply for the card within minutes from within the app without any physical paperwork and start using it as soon as it's approved. It's built on the RuPay network and can be used for payments at millions of offline and online merchants that accept RuPay, just like regular UPI transactions.
According to the tech giant, Flex offers several features that simplify the credit experience. The first is application and approval, which is handled entirely digitally (Google says it only takes a few minutes). Thanks to its integration with RuPay, this credit card will now be valid at almost every small and large store and online website.
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Google Pay and Axis Bank are also offering a rewards system where users earn "Stars" for transactions. The company says each Star is worth ₹1 and can be instantly redeemed for any future transaction. Also, like traditional credit cards, the Flex card offers a flexible repayment option where users can either pay in full or convert their bill into EMIs. Additionally, users also have access to in-app controls, such as setting transaction limits, blocking and unblocking the card, and resetting the PIN.
Flex by Google Pay is rolling out today, and the company plans to make it widely available to users in the coming months. For now, interested individuals can join the waitlist inside the UPI app.
