On Tuesday, Canara Bank and the National Payments Corporation of India (NPCI) launched the Rupay Credit Card through UPI using the BHIM app in order to take advantage of the strength of credit card products and the reach of UPI. Similar to account-based UPI transactions, this will enable customers to link their active Rupay Credit Card to UPI and make merchant payments without physically using a card.
“Merchants without POS machines can receive payments using a Credit Card from customers having Rupay Credit Card linked to UPI using the most popular payment mode of scan and pay through QR. Customers will benefit from the ease and increased opportunities to use their credit card limits.”
Small businesses will be able to benefit economically from this by increasing turnover and sales. Customers who have the Rupay Classic, Rupay Platinum, or Rupay Select variants of the Canara Bank Rupay Credit Card are currently able to link their cards to UPI,” the financial institution stated in a statement.
Customers should select Canara Credit Card during account listing for linking, as the procedure for linking the credit card is similar to the existing account linking procedure. For UPI payments made with a Rupay Credit Card, the transaction limits that apply to UPI transactions will remain in effect.
Dilip Asbe, MD and CEO of NPCI, made the following statement in response to the announcement: “Customers will benefit from the linkage of Canara Bank’s RuPay Credit Card on UPI by providing them with more opportunities to use their credit cards.”
He stated, “Due to its simplicity, UPI has become the most popular digital payment product for all ages and genders, and the collaboration between Canara Bank and NPCI will leverage UPI’s reach and RuPay Credit Card’s strength to further boost digital payments in the country.”
Currently, this facility can only be used for Merchant Payments; UPI payments from Rupay Credit Cards cannot be made Person-to-Person, Card-to-Card, or Cash-Out.
