RuPay credit cards are now compatible with the UPI platform. Both merchants and consumers will benefit from this as credit card usage is on the rise. Now, consumers can seamlessly pay with their credit cards. Scan the QR code to make a payment. Payments are safe and secure, as a UPI PIN performs authentication.
The RBI has taken this step to provide customers with a single-stop solution to all of their card requirements. Now, they can pay their credit cards, check credit balances, and manage credit lifecycles. They can also set up UPI automatic payment for bills. Merchants will gain from increased consumption. Merchants can cater to new credit customers by using RuPay credit cards through the UPI platform.
Read on to learn more about RuPay Credit Cards via UPI. What are their features and limitations, and who can use these cards?
Features and Benefits of the RuPay Credit Card
- Find credit card accounts at the bank that issued the card by using your registered mobile phone number. Then, link these to your UPI ID in the BHIM or UPI apps.
- Customers can pay merchants by scanning the QR code after linking their card. Payment authentication takes place by using the UPI PIN.
- This functionality does not allow for card-to-card payments, P2P or P2M transactions, or cash withdrawals at merchants.
- All transactions done via this method will be subject to the UPI standard transaction limit.
- ODR (UPIHelp), via UPI Apps, will offer features like AutoPay and dispute resolution to customers.
How do you link a RuPay credit card to UPI?
How to link RuPay Credit Cards on UPI
Step 1: Open the BHIM BHIM UPI app and enter the passcode
Step 2: Tap on the bank account to add an account
Step 3: Select the bank that issued your credit card
Step 4: Choose your credit card
Step 5: Click on Confirm
Step 6: Click View Accounts
Step 7. Choose from the available options
Step 8 of HTML0: Set Your UPI Pin
Step 9: You have successfully set up your UPI PIN.
How to Pay with RuPay Credit Card via UPI
Step 1. Scan the QR code (static or dynamic) of the merchant.
Step 2: Enter the amount you wish to pay or use the amount that has been auto-fetched.
Step 3: Select the credit account for your debit option
Step 4: Enter the UPI PIN and pay.
Which Payments Can Be Made With RuPay Credit Card
RuPay credit cards are only available for payments made by merchants. You can use them for recurring payments to merchants, such as electricity bills, card bills, and so on. RBI allows autopay for recurring transactions up to Rs. The RBI allows auto-pay options for recurring transactions with a maximum limit of Rs. Customers can pay all credit card bills through UPI.
RuPay credit cards and UPI
RuPay credit card payments on UPI are not supported. You can debit your UPI savings account to make the payment.
1)Transferring money to any other individual UPI handle: You can’t transfer money to friends or family members who created their UPI handles as individuals by using the RuPay card on UPI.
2) The RuPay Credit card – UPI handle: You cannot pay with this method to other credit cards’ UPI handles.
3) You can’t transfer money to small merchants under the P2PM category:
This method cannot be used to transfer cash to small merchants. Small merchants who have received a total UPI transaction less than or equal to Rs. P2PM is a category for small merchants with incoming UPI transactions less than or equal to Rs. There are many small street shops and vendors, such as street food vendors, vegetable vendors, chaiwallahs, etc.
You can’t request cash reimbursement for UPI payments.
In a store, you cannot demand cash for a swipe of your credit card. Rupay credit card users can also use UPI. If you can’t make a UPI payment, then ask for money instead. Thus, any cash reimbursement, etc. You can only get it digitally. The funds will be transferred directly to your credit card.
What is the transaction limit for RuPay credits on UPI?
The maximum transaction amount for RuPay cards using UPI is Rs. The standard transaction limit for RuPay credit cards on UPI is Rs. The limit may be increased to Rs. 2 lakhs per transaction for verified merchants who fall into certain categories. Per transaction, the limit can be raised to Rs. Merchants who are not verified have a daily limit of Rs. 2,000.
What Banks are currently live on UPI?
UPI is currently used by four banks – Punjab National Bank (PNB), Union Bank of India (UBI), Indian Bank (HDFC Bank) and Union Bank of India.
Benefits of RuPay Credit Card on UPI
- Transactions Quick: Customers don’t need to bring credit cards or wallets into the store. They only need to carry their phones. The code can be scanned, and the UPI PIN can be used to authenticate. The entire payment process only takes a few moments and eliminates the need to carry cash or credit cards.
- There are no hidden fees: There are no extra costs, such as annual or maintenance fees. Customers can now choose an affordable payment option.
- Safer transactions: The PIN for UPI is a unique identification that is difficult to guess or duplicate. Hackers cannot easily steal account information. The chances of a hacker succeeding in gaining access to a customer’s account are lower. The retailer also does not collect or store any personal data, which further reduces fraud risk.
- An Affordable Choice for Merchants: Merchants require an expensive POS structure in order to accept payments via credit cards. Now, they can accept credit card payments with QR codes. RBI classifies small offline merchants who have an annual business turnover of less than Rs. Small merchants are those who have a business turnover of less than Rs. RuPay credit card transactions of Rs 2000 and below will be exempt from Merchant Discount Rates (MDR), Interchange, or other fees.
Many people now use UPI to make payments. RuPay credit card integration on the UPI Platform is a great way to make payments easier and more accessible for many. The increased consumer spending will also benefit merchants. Payments will be much more convenient with the removal of POS terminals, physical cards, and other payment methods.