RBI has announced the launch of a credit card payment facility through UPI. It will be started with a Rupay credit card. After the introduction of this facility, even if you do not have money in your bank account nor do you have a debit card, you will be able to pay with a credit card through UPI.
The special thing is that the credit card is not used everywhere for payment, whereas through UPI, you can pay anywhere and in any area. After spending by credit card, it also gets up to 45-50 days to repay it. Till now payment through UPI is done only through bank accounts. This means that you can spend as much money as you have in your account.
get rid of fintech companies
Right now banks have to work with fintech companies like PhonePe, and Google Pay, which charge customers more fees. But the whole system may change after the new feature. Banks can also give certain limits directly to customers through RuPay credit cards. On the other hand, NPCI will get the card transaction fee (interchange charge) paid by the merchant, which will increase its earnings.
No need to pay an interchange fee
No charges are levied on UPI payments. At the same time, there is an interchange fee of up to 2 percent on credit card transactions, which merchants levy from customers. In the new system, instead of customers paying by credit card through UPI, the merchant will now have to pay this fee. In such a situation, small shopkeepers may not accept this new system of credit card payment through UPI.
Link card with UPI app like this
First of all open the UPI payment app.
Then click on Profile Picture.
After that go to the payment settings option.
Select the Add Credit/Debit Card option.
Fill in other details including credit card number, card validity date, CVV number, and name of the cardholder.
After filling in all the information asked in the UPI app, click on the Save button.
Credit card usage will increase rapidly
At present, seven banks including SBI, and PNB are offering Rupay credit cards. The new facility will not only speed up the use of credit cards among people but will also relieve the arbitrariness of US credit card companies such as Visa and MasterCard, which charge exorbitant fees from customers.
Also Read: RBI Governor Shaktikanta Das said, there will be strict rules for digital lending platforms
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