If you are also a RuPay credit card user and are using it via UPI, then there is good news for you. By using RuPay credit card via UPI from September 1, you will get the same facilities as other credit card users. Till now, this feature was not available for Rupay credit card users.
NPCI took this decision when there were allegations that banks are discriminating against RuPay credit card users and not providing them facilities that other credit card users get. NPCI has instructed all banks that there should be no difference in the facilities and services of both types of credit card users.
In June 2022, the Reserve Bank gave permission to link RuPay credit card to UPI. Earlier it was used only as a payment service now. In October 2023, NPCI implemented an interchange charge for payments through RuPay-UPI, charging around 2% for transactions above Rs 2,000.
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Benefits of Rupay Credit Card
RuPay Credit Card is very easy to use through UPI, thus providing convenience to customers and merchants as they can easily accept payments through QR code. Currently, 16 banks are offering this service, including major banks like Punjab National Bank, Union Bank, Indian Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and ICICI Bank.
RBI and NPCI are promoting
Both the RBI and NPCI consider the use of credit cards through UPI as a great achievement and believe that this service is easily reaching out to the people. There are two types of credit cards available on UPI, the first is the UPI RuPay Credit Card and the second is the UPI Credit Facility. According to officials, UPI credit transactions touch Rs 10,000 crore every month, of which the largest portion comes through the UPI RuPay Credit Card.
Recently, RBI Governor Shaktikanta Das said at a conference in Mumbai that he is trying to make UPI and RuPay cards world-class. As a result, many countries have recognised the use of UPI in their countries, including Bhutan, Nepal, Sri Lanka, Singapore, UAE, Mauritius, Namibia, Peru and France.
