Kiwi Revolutionizes Festive Shopping with Interest-Back EMI on UPI
Fintech company Kiwi launches an interest-back EMI feature on UPI for Diwali, allowing consumers to split large purchases into installments and receive cashback on interest, enhancing affordability and ease of use. This move expands UPI's scope in India, making credit-based options more inclusive and accessible.
- Country:
- India
On Friday, pioneering fintech firm Kiwi unveiled a game-changing feature for Diwali shoppers: interest-back EMI on UPI. The new offering allows consumers to break down their big-ticket buys into manageable installments while earning cashback on the interest paid, effectively lowering festive spending costs.
Kiwi's innovative initiative ensures that a three-month EMI program rewards shoppers with a full cashback on interest, effectively delivering an interest-free purchase. Meanwhile, six and nine-month EMIs come with 50% cashback on the interest component, enhancing affordability and consumer appeal.
According to Kiwi's Co-Founder and Chief Business Officer, Mohit Bedi, this service combines UPI's convenience with credit's flexibility, aimed at allowing Indians to enjoy celebrations without financial stress. Supported by NPCI's framework, it's seen as the next evolution in digital credit access.
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- Kiwi
- fintech
- UPI
- EMI
- interest-back
- cashback
- Diwali
- affordability
- credit
- digital-credit
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