In a groundbreaking collaboration, fintech leader Kiwi has partnered with Axis Bank to unveil an unprecedented financial solution – the Axis Bank KWIK credit cards, available for a lifetime and facilitated through the Kiwi app. This strategic alliance leverages the speed and security of UPI payments while delivering the advantages of credit cards and their associated rewards. With a dedicated focus on user-centric simplicity and continuous innovation, Kiwi has set forth an ambitious target of distributing instant virtual credit cards to an impressive one million users within the forthcoming 18 months, redefining the landscape of digital payments and promoting financial inclusivity.
The unique synergy between Kiwi and Axis Bank introduces an array of compelling benefits for their users:
- Double Edge Rewards: Kiwi app users gain access to a virtual credit card that provides an enticing incentive of two edge rewards for each transaction totaling Rs.200. This feature adds a layer of gratification, allowing users to accumulate rewards seamlessly during their payment activities.
- Cashback on UPI Transactions: Customers wielding the credit card for UPI-based scan and pay transactions unlock an exclusive 1% cashback benefit. This cashback mechanism enhances the overall value proposition, effectively contributing to savings for the end-users.
- Waiver of Fuel Surcharge: The virtual credit card extends a welcome relief by exempting users from the customary 1% fuel surcharge typically associated with petrol pump card payments, thereby translating into tangible monetary savings.
This strategic partnership between Kiwi and Axis Bank represents a pivotal juncture in the financial sector, harmonizing cutting-edge fintech capabilities with the established foundation of traditional banking. By intertwining the allure of credit card rewards with the seamlessness of UPI transactions, this collaboration aspires to foster a culture of digital payments and elevate financial accessibility. The symbiotic nature of this venture not only furnishes users with a secure and gratifying payment avenue but also bolsters Axis Bank’s standing as a trailblazing institution at the forefront of innovation.
Kiwi, led by seasoned fintech experts and veterans of the banking industry – Siddharth Mehta, Mohit Bedi, and Anup Agrawal, stands as a testament to the intersection of innovation and practicality. Its core mission revolves around seamlessly amalgamating the strengths of credit cards with the security and convenience inherent in UPI, culminating in a holistic and user-friendly payment solution that transcends traditional boundaries.