Systems of digital payment have become increasingly popular in India. One such system that has gained widespread attention is the RuPay credit card on UPI. This payment system has several advantages and limitations, which we will explore in this article.
Firstly, it is important to understand the RuPay credit card on UPI. Essentially, it is a payment system that allows users to make transactions using their RuPay credit card on the Unified Payments Interface (UPI) platform. This platform enables users to transfer money instantly and securely using their mobile phone or any other device.
Now, let's take a closer look at RuPay credit cards on UPI - Their functions, limitations, and much more.
5 Features of The RuPay Credit Card
1. Wide Acceptance: The widespread adoption of the RuPay credit card is one of its main benefits. It is the perfect option for individuals who frequently purchase at different places because it is accepted at all significant merchant outlets in India.
2. Low Annual Fee: The RuPay credit card has a significantly cheap annual charge when compared to other credit cards. It makes it the perfect option for individuals who wish to take advantage of credit card advantages without paying excessive annual fees.
3. High Rewards Points: Holders of RuPay credit cards can accrue significant rewards points for each transaction they conduct. These points can be exchanged for a variety of benefits, including cashback, gift cards, and more.
4. Secure Transactions: Advanced RuPay credit card payment security features include EMV chips and PIN-based authentication. It guarantees that your transactions are safe, secure, and protected against fraud.
5. Customizable: Credit cards from RuPay come with many customization choices. Several other styles and add-on options are available, including insurance, travel advantages, and others.
Steps To Link RuPay Credit Card on UPI
To link upi credit card, follow the below stepwise process-
Step 1: Open the BHIM UPI App and input the passcode as step one.
Step 2: To add an account, tap on the bank account.
Step 3: Choose the bank that issues your credit card.
Step 4: Choose your credit card.
Step 5: Select Confirm.
Step 6: Click on View Accounts.
Step 7: Make a selection from the offered options.
Step 8: Set your UPI PIN.
Step 9: You've successfully set your UPI PIN.
Steps To Make Payment With RuPay Credit Card on UPI
Step 1: Scan the merchant's static or dynamic UPI QR code.
Step 2: Enter the payment amount or use the auto-fetched amount to complete the transaction.
Step 3: To make a debit, select the credit account.
Step 4: Pay with the UPI PIN, and you're done.
Limitations of RuPay Credit Cards On UPI
1)Transferring Amount to Any Other Individual UPI: The RuPay credit card on UPI cannot be used to send money to friends or relatives who have made separate UPI handles.
2) RuPay Credit Card - UPI handles: Using this approach, you cannot pay to the UPI handles of any other credit cards.
3) Transferring Money To Small Merchants Under the P2PM Category: This method cannot be used to send money to P2PM small businesses. Small businesses are classified as P2PM if their total inbound UPI transactions are less than or equivalent to Rs. 50,000. This contains many little street stalls and shops, such as chai wallahs, street food sellers, and vegetable dealers.
Transaction Limit For RuPay Credits On UPI.
The standard transaction cap for RuPay credit cards on UPI is Rs. 1 lakh per transaction. The cap can be increased to Rs. 2 Lakhs for certified merchants in designated categories. The daily transaction cap for unverified merchants is Rs. 2,000.
Conclusion
UPI is now widely used to make payments. Enabling RuPay credit cards on the UPI Platform will make payments easier and more accessible for many individuals, given its wide reach. Due to increasing consumption, it will also benefit retailers. Both retailers and customers will find paying incredibly convenient once POS terminals and physical cards are eliminated.