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RuPay Credit Card UPI Guide: Definition, Uses, Benefits, Linking, and Payments
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Launched in 2016, Unified Payments Interface or UPI, has become one of the most preferred and popular modes of digital payments. According to Shaktikanta Das, the RBI Governor, UPI payments have significantly grown in the last few months, especially during FY 2022-23. That said, RuPay credit card UPI transactions are the latest shiny instruments in the digital payments landscape. This payment model benefits both customers and merchants significantly, leading to its growing popularity and acceptance. The following sections will explain how to use RuPay credit card for UPI and how it benefits people.
Understanding UPI and RuPay Credit Cards
UPI is a digital payment system that brings multiple bank accounts into one mobile app, making payments and financial management easier for consumers. Accounting for more than 73% of non-cash retail payments in India in March 2023, UPI also streamlines the country's fintech transformation through expense tracking, investing, and budgeting. Now, the latest development is the RuPay UPI credit card. Earlier, you could only add your debit card or bank account to a UPI app, but now you can link your RuPay credit card as well for payments.
The RBI announced in June 2022 that people can now link their credit cards to their UPI apps. However, the facility was possible for select banks only that enabled the facility. In June 2023, Kotak Mahindra became the best RuPay credit card for UPI transactions through apps like Paytm, PhonePe, BHIM, MobiKwik, Google Pay, etc. It is the most beneficial facility for tier 2 and 3 cities where merchants do not have enough setup like POS machines to accept credit card payments. After activating their RuPay credit card UPI, making payments without physical setup has become incredibly easy.
Step-by-Step Guide to Enable RuPay Credit Card on UPI
Wondering how to add RuPay credit card to UPI? Here is a stepwise guide to enable RuPay credit card on UPI:
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Making Payments Using RuPay Credit Cards via UPI
Once your RuPay Card is linked with UPI, you must wonder how to make a credit card payment online using a RuPay UPI credit card. Here is a step-by-step guide on how to initiate UPI payments with RuPay credit cards:
Benefits of Using RuPay Credit Cards for UPI Payments
The best RuPay credit card for UPI offers multiple benefits. Most importantly, it gives the ease and convenience of UPI transactions while letting you enjoy the benefits of your credit card. You don’t even need to carry your card everywhere. Your RuPay credit card UPI link will allow you to pay for daily spends and big purchases using credit from your credit card. Moreover, you can enjoy the benefits of rewards and cashbacks linked with the card. Here are a few benefits you must know:
Conclusion
Many people now use UPI RuPay credit card facilities to make their digital payments without any card or POS machines involved. Simply link your RuPay credit card to UPI without any RuPay credit card UPI charges and start making payments from your mobile phone. The enhanced convenience and security of RuPay UPI credit card facilities promise to reach a larger audience soon. Since Kotak Mahindra is one of the few credit card issuers offering the facility, get a Kotak credit card now to start enjoying the benefits instantly.
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FAQs
Q1. What is UPI, and how does it work with RuPay credit cards?
When you link your RuPay credit card with a UPI app, you can make a credit card payment online without physically swiping the card at the merchant's store. Using this digital transaction system, you can enjoy the benefits of both credit card and UPI.
Q2. Can I use any UPI app with my RuPay credit card?
You can link your RuPay credit card with any UPI app supporting UPI transactions. However, check if your credit card issuer provides this facility.
Q3. Are there any charges for linking my RuPay credit card to a UPI app?
There are no RuPay credit card UPI charges for linking your RuPay credit card to a UPI app.
Q4. Can I make payments to merchants using UPI with my RuPay credit card?
Yes, you can pay using UPI with your RuPay credit card. However, you must link your card with UPI first to make it happen.
Q5. Are there any transaction limits for UPI payments with RuPay credit cards?
Your credit card limit will be your transaction limit for UPI payments with a UPI RuPay credit card.
Q6. How can I reset my UPI PIN for RuPay credit card transactions?
You can rest your UPI PIN by logging in to your UPI account, placing the request, and entering the OTP.
Q7. Can I use UPI to pay my RuPay credit card bills?
You can pay your RuPay credit card bills using UPI, provided your bank account is linked with UPI.
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