Here’s how to utilise UPI to use an Indian credit card.

  • The necessity to carry conventional wallets has substantially decreased as a result of the widespread availability of QR codes at everything from tea shops to neighbourhood vendors.
  • UPI is helpful as long as we have money in our bank accounts because it is linked to them.
  • RuPay credit cards can now be connected to UPI thanks to RBI and NPCI.

Since the introduction of the Unified Payments Interface (UPI), our wallets are no longer necessary. The need to carry real wallets has substantially decreased because QR codes are now widely available, from tea shops to neighbourhood vendors. However, UPI is helpful as long as we have money in our bank accounts because it is connected to them. Fortunately, a solution exists now because credit cards can be connected to UPI. This is because RuPay credit cards can now be linked to UPI thanks to the Reserve Bank of India’s (RBI) and National Payments Corporation of India’s (NPCI) permission. However, the fact that only 3% of consumers have one of these credit cards suggests that the bulk of cardholders do not.
Consequently, in order to obtain credit on UPI, you must first get a RuPay card. The country’s main organisation in charge of retail payments, NPCI, created RuPay.

How can a credit card be used with UPI?

You must submit an application for a RuPay credit card with a bank that provides this UPI capability. In order to initiate transactions, the user must manually link the physical card with a third-party application (TPAP) that supports credit on UPI.

For instance, Bank of Baroda (BoB) subsidiary BoB Financial Solutions (BFSL), which offers credit cards to consumers, recently announced that users can use their RuPay credit cards on UPI with BHIM and other UPI-enabled Apps. This will make it easier for owners of BoB RuPay credit cards to use UPI to make purchases at any merchant location in the nation that has POS equipment and QR codes.

“UPI has transformed payments in the country,” says Sanjiv Chadha, Managing Director and Chief Executive Officer of BoB, “and BoB Financial is thrilled to work with NPCI to enable credit card transactions on UPI on the Bank of Baroda RuPay credit cards.

You can also apply for a RuPay card via a fintech business like Kiwi, which was the first app in India to offer “Credit on UPI” by collaborating with banks to issue RuPay Cards. It facilitates requesting a RuPay credit directly from the app. A person can download the app and go through a quick and easy onboarding procedure that is entirely online.

The customer would receive the virtual UPI-enabled credit card in a matter of minutes after the bank had verified their KYC and approved their eligibility. The user can utilise the capability to make merchant payments using their credit card on UPI, and this is instantaneously linked to their UPI ID, according to Mohit Bedi, co-founder and chief business officer of Kiwi.

Recently, PhonePe declared that it had successfully enabled the linking of 200,000 RuPay credit cards to UPI, making it the first digital payment app to do so. Additionally, using RuPay Credit on UPI, PhonePe processed a total payment value (TPV) of Rs 150 crore.

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