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The story behind ICICI Bank's interchange recovery effort starts with merchant category codes and the economics they shape.
Bedi, who is transitioning into an advisory role, will remain at the firm until July.
Other companies such as Flipkart's super.money and Cred have also launched co-branded credit cards recently.
The credit card offers lifetime free usage, rewards on all spends, fuel surcharge waivers, and scan-and-pay convenience through UPI-enabled merchant QR codes.
Sovereign members will also earn the "exceptional privilege" to a select few early-stage investments in startups with other top investors.
The newly launched Unity Bank BharatPe Credit Card is built on the NPCI RuPay platform.
While the government insists UPI is free, hidden charges, unsustainable incentives, and industry frustrations tell a different story.
To capture the credit card market share, the UPI developer is mimicking its debit card strategy—with a slight twist.
