Credit Card Link UPI: Credit cards have lost some of the market share to UPI apps of late which have become ubiquitous, particularly among the young customers
Credit Card Link UPI: In 1980, Central Bank of India launched the first credit card in India, while Andhra Bank rolled out a VISA-branded credit card a year later. So, credit cards have clearly been around us for a long time now.
And why not? They enable users to buy merchandise on credit so that we can make the payment for it at a later date. Customers are usually given a 45-day interest free period following which they are charged an interest.
However, credit cards have lost some of the market share to UPI apps lately which have become quite prevalent.
Total credit card payments across platforms rose 12 percent in the past one year, while the UPI payments touched 2.34 lakh crore in Oct 2024, reflecting an increase of 37 percent in 1 year.
Clearly, UPI payments are growing considerably faster than card payments. People tend to use UPI for every small and large purchase – be it at a small vendor or at a movie hall or a shopping mall. But what UPI apps typically lack is the credit period.
Since UPI is linked to your debit card, you need to have money in your bank account to be able to use this digital payment system.
However, what if you can get the best of both worlds. This means being able to use an UPI app such as a RuPay and get a credit line at the same time.
Yes, this is exactly what happens when you have a credit card linked to UPI.
What are RuPay credit cards linked to UPI?
RuPay Credit Cards on UPI offer a digitally enabled credit card lifecycle experience for the customers who tend to benefit from the ease and the increased opportunity to use their credit cards.
This is how you can link RuPay credit card on UPI
- First you need to open the BHIM UPI app and enter the passcode.
- Now you can click the bank account in which you have an account.
- Select the credit card option followed by the credit card issuer bank.
- Now you can select your credit card.
- After this, you can click to view accounts and select from available options.
- Now you can select UPI PIN.
Using UPI credit card: Steps to follow
- One must first scan merchant UPI QR code.
- Now, you need to enter an amount or pay with an auto fetched amount and select a credit card.
- Finally, you have to select a RuPay credit account followed by UPI PIN.
