In recent years, the Unified Payments Interface (UPI) has experienced a remarkable surge in popularity throughout India. Consider this: In March 2023, the Reserve Bank of India (RBI) said daily UPI transactions crossed 360 million. The integration of UPI with third-party applications such as Google Pay, Paytm, PhonePe, and BHIM enables users to initiate transactions through their bank accounts and debit cards effortlessly. But now these platforms have extended their capabilities to select credit cards, offering users a broader range of payment options.
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First things first: To utilise UPI with your credit card, you’ll need to apply for a RuPay credit card from a bank that supports this UPI feature such as Bank of Baroda, Axis Bank, HDFC Bank, Punjab National Bank, Kotak Mahindra Bank, Union Bank of India among others. Once approved, you can manually link your physical card to payment apps that are compatible with credit transactions on UPI.
Here are steps to link your third-party apps such as GPay, Paytm, PhonePe with your Rupay Credit card
Step 1: Open your app—GPay/PhonePe/Paytm
Step 2: Click on your profile at the right or left-hand corner
Step 3: Set up payment methods
Step 4: Add RuPay credit card
Step 5: Enter the card details including, the expiry date, and PIN of your RuPay credit card
Step 6: Activate the card. To activate it, Tap “RuPay credit card on UPI” in your profile
Step 7: Your RuPay credit card is now ready for UPI payments.
Using the steps above RuPay Credit Card customers can directly link their credit cards with the UPI applications of their choice, such as BHIM, PhonePe, Paytm, Google Pay, MobiKwik and PayZapp.
PhonePe, recently announced that it had achieved two significant milestones. The company has become the first digital payments app to successfully enable the linkage of 200,000 RuPay credit cards to the UPI. In addition, PhonePe has also processed a Total Payment Value (TPV) of Rs 150 crore via RuPay Credit on UPI.
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Sonika Chandra, Vice President of Consumer Platform and Payments at PhonePe, stated in a press release, “We are thrilled to become the first payments app to link two lakh Rupay credit cards to UPI. We believe that Rupay cards on UPI will revolutionize the access and use of credit in the ecosystem, and we are committed to offering comprehensive solutions that cater to the evolving needs of our customers and merchants. Similar to any other credit instrument, MDR is applicable for Rupay on UPI and our merchant partners are enthusiastically adopting and driving the use of RuPay among customers.”
