Digital transactions conducted through credit cards, especially when utilizing payment networks, are contributing to the payment bank solutions industry growth. These transactions offer speed, convenience, and security, thereby attracting more users to payment banks for their digital payment needs.
For instance, in August 2023, SBI Card and the National Payments Corporation of India (NPCI) entered into a collaboration to integrate SBI credit cards into the RuPay platform, enabling SBI card users to engage in UPI transactions via their RuPay-issued credit cards. To access this feature, customers should register their credit cards with third-party UPI applications. This trend is driving the continued expansion of payment bank solutions in the modern financial landscape.