Kiwi: Interest-Back EMI on UPI for Affordable Spending

New Delhi, Oct 3 (PTI) Fintech firm Kiwi, a pioneer in credit on UPI, on Friday announced the launch of interest-back EMI on UPI to cash in on the upcoming Diwali festive buying.

Consumers can now split big-ticket purchases into easy instalments and earn back the interest paid as cashback, making festive shopping more affordable and rewarding, Kiwi said in a statement.

Kiwi's interest-back EMI offers a refund of the interest paid -- partially or fully -- as instant cashback, making purchases significantly more consumer-friendly, it said.

With this feature, a three-month EMI comes with 100 per cent cashback on interest, making it effectively interest-free, while six and nine-month EMIs offer 50 per cent cashback on interest, it said.

"Customers can pay at any UPI merchant by simply scanning a QR or making an online payment, select 'Pay with EMI' on the Kiwi app, view charges upfront, authenticate with their UPI PIN, and instantly receive cashback on the interest portion. This eliminates the need for a physical card, ensures transparency, and delivers a fully mobile-first experience," it said.

EMI on UPI becomes a key enabler by expanding affordability to millions of Indians who were earlier restricted to credit card-based EMI options. UPI today reaches more than 40 million merchants across India, from metros to smaller towns, but has largely been associated with low-value daily spends.

Mohit Bedi, Co-Founder and Chief Business Officer, Kiwi, said, "EMI on UPI brings together the convenience of UPI and the flexibility of credit. With interest-back EMIs, we are ensuring that consumers can celebrate without financial strain."

With this launch, he said, UPI steps into big-ticket affordability, an area once dominated by credit cards. Backed by NPCI's framework, the company sees this as the next evolution in digital credit, simple, inclusive and accessible to millions, he added.