Any kind of transaction can be done by linking the RuPay credit card with the virtual payment address i.e. UPI ID. Punjab National Bank has also given the facility of UPI payment on BHIM app. Later the service will be started on other apps.
For the first time in the country, three banks have introduced the Rupay Credit Card, which can be paid with UPI . Payment will be made from this credit card in the same way as the UPI app linked to the debit card. These three banks include Union Bank of India, Punjab National Bank (PNB) and Indian Bank. The launch of this card was announced by Reserve Bank Governor Shaktikanta Das on 20 September. Giving information about this in a tweet, Union Bank said that now the facility of UPI payment will also be given on credit cards .
Union Bank of India said, with the launch of the UPI credit card, Union Bank RuPay credit cardholders will be able to make UPI payments through the BHIM app. Not only this, by scanning the UPI QR code, payment can also be easily done by credit card. At present, the facility of UPI payment by credit card is being provided on NPCI’s BHIM app only. Later it will be started on other UPI apps as well.
New facility of Union Bank
#UnionBankOfIndia is the chosen bank to offer #UPI payments on @RuPay_npci Union Bank Credit Card as announced by RBI Governor @DasShaktikanta in the presence of our MD & CEO A Manimekhalai and ED Mr. Nitesh Ranjan.#AmritMahotsav @RBI @NPCI_NPCI @DFS_India pic.twitter.com/cqS2kABQAT
— Union Bank of India (@UnionBankTweets) September 20, 2022
Punjab National Bank
Punjab National Bank has also linked its RuPay credit card with UPI. This will benefit both the customers and the merchant. Customers will now be able to spend with UPI through credit cards even if there is no money in the debit card. On the other hand, merchant’s work will also increase. Any kind of transaction can be done by linking the RuPay credit card with the virtual payment address i.e. UPI ID. Punjab National Bank has also given the facility of UPI payment on BHIM app. Later the service will be started on other apps.
PNB becomes one of the first banks to launch UPI on RuPay Credit Cards. At Mumbai today, RBI governor, Sh. Shaktikanta Das, launched “UPI ON CREDIT CARD” & “UPI LITE” in presence of Sh. Atul Kumar Goel, MD & CEO, & Sh.Kalyan Kumar, ED, PNB. (1/2) pic.twitter.com/XrYb6oicV6
— Punjab National Bank (@pnbindia) September 20, 2022
UPI is expanding
In view of the increasing scope of UPI day by day, banks have started providing this facility on credit cards as well. Till now, the service of UPI payment was available only on the account linked to the debit card. Now along with debit cards, credit cards have also been included in this, so the number of transactions will increase even more rapidly. Initially it has also been launched on Rupay credit card. Later on, UPI payment facility will be given on other credit cards. It is believed that there will be no charge on UPI payment of small amount from credit card, but there may be charge on large amount.
Advantages of UPI
UPI has become the most trusted means of payment in India. At present, more than 26 crore users and 5 crore merchants are connected on the UPI platform. In May 2022 alone, 594.63 crore transactions worth Rs 10.40 lakh crore were completed through UPI. UPI currently facilitates transactions by linking savings/current accounts through the user’s debit card.