Mumbai: Yes Bank has launched UPI payments through RuPay Credit Cards by integrating its card platform with the fast payment network.
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Customers can link their Yes Bank RuPay Credit Card with popular UPI-enabled apps like BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, PayZapp, and others. Once linked to UPI, customers can make credit card payments in small stores with QR codes even if they do not have a point-of-sale terminal.
Customers can enjoy the ‘credit-free’ period feature, previously limited to POS/eCom-based transactions. Existing Yes Bank credit card holders can also convert to a Rupay card and link it to their UPI app.
“Today, Yes Bank powers nearly 40% of all the UPI merchant transactions in the country. Given our digital prowess, over the years, we have built capabilities that can power digital transactions at scale, thereby impacting the lives of millions of customers,” said Rajan Pental, executive director of Yes Bank.
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Praveena Rai, Chief Operating Officer of National Payments Corporation of India (NPCI), said, “As the demand for credit cards continues to rise in the country, RuPay Credit Card on UPI is changing the perception of credit consumption and has the potential to deepen credit penetration, particularly in semi-urban and rural areas”.
Yes Bank is the latest issuer to facilitate credit card on UPI. Several other banks have announced this facility ever since NPCI facilitated this earlier this year. Merchants do not lose out on accepting credit card payments as Rupay credit cards do not attract merchant fees on low value transaction. According to bankers, Rupay credit cards market share is expected to improve significantly because of this initiative.
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RBI has asked banks to give customer the choice of merchant network (Visa, MasterCard or Rupay) while applying for a card. With UPI becoming a feature only for Rupay, many customers are expected to ask for Rupay cards.
