Taking the next step towards digital payment, the Reserve Bank of India announced on June 8, 2022, that credit cards can now be linked to Unified Payments Interface accounts since UPI has grown to become India’s widespread means of payment. Here’s how you can link your credit card with UPI
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Significance
Earlier, UPI transactions were possible only via bank accounts. Eventually, UPI applications began to allow users to add debit cards in order to make payments. Users can now link their credit card to popular UPI apps like Google Pay, Paytm, and PhonePe. Once the users have linked their credit, they can scan the QR code and select credit card as the payment method. RBI has now made the UPI through credit facility available to all users, according to the most recent announcement.
Given UPI’s extensive adoption, industry experts predict that by linking UPI with credit cards, credit card usage in India might skyrocket. A number of startups like Slice, Uni, One, and others have arisen in recent years. The link provides ways to build credit on UPI through credit cards. The move could possibly be an attempt to boost acceptance by leveraging UPI’s enormous user base. So far, users could link UPI to only debit cards and bank accounts. This will give users even more convenience and broaden the reach of digital payments.
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How to link your credit card with UPI?
UPI is by far the most preferred payment method as it is one of the most efficient and hassle-free options. Customers will now have more alternatives and ease when playing a variety of little and large invoices as a result of the new update. Here’s how you can link your credit card with UPI:
- In order to make a payment, go to the payment application.
- Then navigate to the payment methods section
- Then, select Add Credit/Debit Cards from the drop-down menu.
- Next, input the card number, CVV, and the name of the cardholder.
- After you’ve filled in all of the necessary information, click Save.
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Link Credit Card With UPI: Availability
The RBI Governor stated that this option will be enabled first on Rupay credit cards issued by the RBI-backed NPCI(National Payments Corporation of India) and that it will be made available following system development.
It is proposed that credit cards be linked to UPI in order to broaden their reach and usage. To begin, Rupay credit cards will be able to use this feature. The RBI Governor mentioned that this arrangement is likely to give more outlets and convenience to customers in making payments through the UPI platform.
After the necessary system development is completed, this facility will be available. The RBI Governor stated that “necessary instructions will be issued to NPCI separately.”
The new arrangement will provide clients with greater options and ease when making payments using the UPI platform.
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