When we think about mobile payments, UPI is the primary method that comes to mind. As UPI transactions continue to grow in popularity, there has been significant innovation in this payment mode. Paytm Payments Bank has been leading the way in driving this innovation with their groundbreaking solutions. In a game-changing move for credit card transactions in India, Paytm Bank has made it even more convenient for users by allowing them to link their RuPay credit cards with UPI for everyday payments.
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This innovative integration, enabled by Paytm Payments Bank in collaboration with the National Payments Corporation of India back in February, empowers users to avail the benefits of credit cards with every UPI payment, establishing Paytm as the leading platform for a seamless, digitally enabled credit card experience. With RuPay Credit Card on UPI, Paytm has taken a significant step towards bridging the digital divide and revolutionizing the digital payments landscape. The company recently launched the Paytm SBI Card on the RuPay network which will also enable users to make UPI payments through it soon.
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By linking a RuPay credit card to Paytm UPI, users can simply pay merchants by scanning the UPI-enabled QR code via the Paytm app. This eliminates the need to carry cards at all times and streamlines both offline and online payments. This makes the transactions faster and more efficient. With the UPI ecosystem recording 890 crore transactions worth ₹14.07 lakh crore in April 2023, the potential for RuPay credit cards on UPI is immense.
India’s leading Credit card issuers have been working tirelessly to offer RuPay credit cards to the 26 crore and growing UPI users. Currently, Canara Bank, HDFC Bank, Indian Bank, Punjab National Bank and Union Bank of India have allowed their RuPay credit card holders to avail of this feature. This opens up new prospects for customers across different age groups and backgrounds to use their credit cards, which in turn aids in card activations and engagement. By linking credit cards with UPI, the advantages for customers and card issuers alike are significant. For customers, using credit cards at any merchant accepting UPI payments is now possible, without draining their bank balance. Additionally, there is no need to carry the card, reducing the chances of fraud and loss.
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Meanwhile, card issuers will see incremental spending from smaller merchants who previously did not have the infrastructure to accept card payments. This integration helps activate and engage a wider customer base. RuPay credit cards are issued by various banks in India and offer various benefits such as cashback, discounts, rewards and more. By linking their RuPay credit cards to UPI on the Paytm app, customers can make payments to any merchant who accepts UPI payments from RuPay credit cards by scanning their QR code.
