There has been a lot of growth in Unified Payment Interface (UPI) in the last few months. Earlier, credit card holders were not able to avail any benefits of UPI transactions by making payments directly through their bank accounts.
But this has changed recently, as RBI and NPCI have enabled Rupay credit cards for UPI payments since last year by allowing the credit card holder to use the UPI QR code.
This is a big step to advance the digital payment system in the market. Before this feature, people could only add their bank account or debit card to the UPI application, but now they can select RuPay credit card in UPI and use it for payment.
UPI with credit cards makes paying digitally more convenient and easier. You can now make all your payments including bills, online shopping and peer-to-merchant transfers through a single platform, UPI. This saves you time and effort because you don't have to switch between different apps or platforms.
UPI with credit cards allows you to make instant payments using your credit card funds. This is because UPI transactions are processed in real time. This is beneficial in situations where you need to transfer money quickly, such as for emergency expenses or other urgent transactions.
UPI with credit cards allows you to earn reward points and cashback offers on your UPI transactions. This is because the transaction is still processed through your credit card, even if you are using UPI to make the payment.
UPI centralizes money transactions with credit cards, making it easier to track and manage your finances. You can monitor your spending patterns, review transaction history, and set spending limits all through a single interface. This can help you take better financial decisions.
UPI with credit cards makes online shopping easier and more convenient. You can now pay for your online purchases with your credit card through UPI, without having to enter your credit card details on every website. It's more secure, and it also makes it easier to compare prices and make purchases.
Here are the steps to link your credit card with UPI:
Download UPI to activate the application.
Create a UPI profile in the application.
Link your Rupay credit card with your name, card number, expiry date and CVV along with the last six digits of your credit card.
The application will verify your card details with the bank.
Once done, an OTP will come on your registered mobile number.
