UPI is now the preferred mode of payments at the stores for small transactions and with govt push for digital payments, there will be a severe dent in the usage of debit and credit cards for transaction.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments.
“During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions,” the NPCI circular said.
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UPI is now the preferred mode of payments at the stores for small transactions. With government push for digital payments, there will be a severe dent in the usage of debit and credit cards for transaction. This is the reason why big companies like Master Card and Visa Card are struggling because the transactions with their cards are decreasing. In such a situation, after linking debit cards and credit cards with UPI, people prefer credit cards due to several benefits attached to it. However, there will be no charge for RuPay credit card use on UPI for transaction up to Rs 2,000 according to the recent circular.
Here’s how you can link credit card on PhonePe
1. Open PhonePe
2. Click on the profile picture
3. Go to View All Payment Methods option
4. Tap on ADD CARD under Credit/Debit Cards.
4. Enter your card details and tap on Add option.
5. Enter the OTP and submit it.
Read More: Here’s how to make UPI payments without Internet | Tech Tips
Link credit card on Google Pay
1. Open Google Pay and go to your profile
2. Select the option to select a credit card by tapping Pay Businesses or set up payment methods
3. After processing you have to scan your card. You can also enter your details manually
4. Enter the expiry date and CCV and save it
5. After reading the terms, click on More and then Accept & Continue
6. You will get OTP on the registered mobile number, after entering which the process will be completed.
Link credit card on Paytm
1. Go to the Paytm app and click on your profile picture
2. Go to the payment settings and click on the Saved Cards option. After that tap on Add New Card.
4. On processing you will be asked for card details
5. Then complete the process by entering OTP
India is leading the world in the Financial Technology (Fintech) sector. India currently leads in real-time digital payments by clocking almost 40 per cent of all such transactions.
According to the data released by the National Payments Corporation of India (NPCI), payment through the Unified Payments Interface (UPI) crossed a milestone of Rs 11 lakh crore in September.
During the month, 678 crore transactions in volume terms were done on the UPI platform. Last month, as many as 657.9 crore transactions worth Rs 10.72 lakh crore had taken place. Payment through UPI had crossed Rs 10 lakh crore in May this year.
