In this digital age, UPI has brought a new revolution in the field of transactions. The trend of UPI payment is increasing rapidly in the country. Be it buying everyday goods or making online payment, all this can now be done in seconds through UPI. UPI payment has made transactions very accessible and easy, and has also relieved the common man from the problem of change. Now you can make Unified Payments Interface - UPI payment not only from debit card and bank account, but also from credit card. In view of the increasing transactions through UPI, RBI had approved linking RuPay credit card to UPI in the year 2022. After this decision of RBI, now credit card users are also choosing the option of digital payment for purchasing. You just have to use your credit card smartly.
UPI Credit Card: How to make UPI payment from credit card?
By linking your RuPay credit card to UPI, you can earn cashback and many other rewards on everyday transactions. Many big banks of the country have launched RuPay variants of their credit cards. Which can be used for UPI payments. It is very easy to make payment through credit card through UPI.
Follow these steps to make UPI payment from credit card
- First of all link your RuPay credit card to UPI.
- Now scan the QR code to make payment or select the option of 'pay phone number' or 'pay contacts'.
- Now enter your UPI ID or go to the related payment option on the app.
- After verifying the QR code and phone number of the app, enter the amount to be transferred and select the credit card option for payment.
- Now enter your UPI PIN.
- Your payment will be successful only after entering the PIN. UPI credit card is very beneficial especially for users of tier-II and small cities. Many businessmen here do not have POS machines, but can easily make payment through UPI.
Benefits of making UPI payment with credit card
- The biggest advantage of making UPI payment with credit card is that it gives more rewards than debit card.
- If you have linked RuPay credit card to UPI, then you can also get reward or cashback on every UPI transaction.
- UPI credit card is very beneficial especially for users of tier-II and small cities. Many businessmen here do not have POS machines, but can easily make payment through UPI.
- It also works as a backup payment option for you. You get the benefit of this when you have to make a big purchase or you have to buy some goods in an emergency situation.
- In view of digital payment, many banks have also launched virtual credit cards. Credit cards are specially designed to give reward points through UPI.
- For example, Axis Bank SuperMoney RuPay Credit Card gives 3% cashback on UPI payments. You can earn a maximum cashback of ₹500 every month.
- Similarly, you can make payments through HDFC Tata Neu RuPay Card, Yes Bank Klick Card (with Kiwi App) and Jupiter Edge CSB Card.
Disadvantages
- Merchant Discount Rate (MDR) is charged on UPI payments of more than Rs 2,000 through credit card, whereas this charge is not charged on normal UPI transactions.
- In such a situation, most small merchants like medical and grocery stores discontinue this facility.