RuPay Credit Card Payments via UPI are accepted by Mobikwik and Paytm
Last Updated : Feb. 17, 2023, 11:16 a.m.
RBI the “Reserve Bank of India” in June 2022 linking credit cards to the UPI platform. As we all know the wide scope of digitization. The online payment sector has expanded rapidly in a short period of time. However, there was an urgent need for credit to be linked to UPI . As a result, the RBI’s action will significantly broaden the scope of UPI payments.
Now you can conveniently purchase all your favorite items with just one click. Further, online payment apps such as MobiKwik and Paytm have allowed users to link their RuPay credit cards to UPI. You can however make all merchant payments using them. Read down below to understand in brief How to link Rupay Credit Card with the UPI platform?
How to make a payment using the Rupay Credit Card after linking it with UPI?
The National Payments Corporation of India has recently begun providing this facility. As of now, only the Rupay credit card has been enabled for payments. However, they have been thinking about spending it.
Below given are the steps you need to follow to make payment using your Rupay Credit Card after linking it with UPI:
- First, link your Rupay Credit Card with UPI ID.
- Set up your credit card .
- Enter your PIN for authentication.
- The Rupay Credit Card has been linked with UPI ID.
- Simply scan the UPI-enabled QR Codes at any store to complete the transaction.
Wrap Up
Credit cards are typically used to make purchases from person to merchant. Further, the same technique P2M, means that the person to the merchant will be used. Unlike others where inter-bank money transfers between two people. As a result, credit card payments via UPI are only available for P2M transactions. The best part is that you didn’t have to pay any extra fees for using credit cards through UPI.
The bank charges merchants a merchant discount rate “MDR” for accepting credit card payments. The merchant must pay 1.7% MDR for all transactions, whether online or offline. Offline merchants, on the other hand, are exempt from MDR for transactions under 2000. However, UPI payments backed by a bank account are also exempt from MDR charges. Furthermore, the bank advises you to avoid overusing the leverage provided by credit cards.