To directly enable safe and secure payment transactions, HDFC Bank RuPay Credit Cards will be connected to a UPI ID.
How it will benefit HDFC customers and merchants
HDFC Bank customers will benefit from the increased opportunity to use their credit cards on UPI, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes, stated the press release.
How to link RuPay Credit Card on UPI?
According to the NPCI website, here is how you can link your RuPay Credit Card with UPI:
Step 1: Download BHIM app from Google Playstore.
Step 2: Complete the registration journey, select Credit Card as an option.
Step 3: Select your issuing bank name from the drop down.
Step 4: Basis the mobile number update with your issuing bank, masked Credit Cards will appear on the screen.
Step 5: Select the card which you want to link and confirm.
Step 6: Proceed to generate UPI PIN.
How to make payment with RuPay Credit Card on UPI
Step 1: Scan merchant UPI or Code
Step 2: Enter amount or pay with auto fetched amount and select credit account
Step 3: Select Rupay Credit account followed by UPI PIN
Step 4: You can see the details in transaction history.
Other banks offering credit card on UPI
Currently, three banks are live to link RuPay Credit Card on UPI – Punjab National Bank, Union Bank of India & Indian Bank, according to the NPCI website. Recently, PayTm Payments Bank also introduced RuPay Credit Card on UPI. Further, payment gateway, Razorpay has started allowing users to make payments via UPI apps using their credit cards.
“Customers will now be able to enjoy the best of both worlds: the familiarity and ease of UPI with the flexibility and convenience of credit. The linking of credit cards to UPI means that customers don’t have to dip into their bank accounts for everyday transactions; they will be able to use credit to manage their cash flow without carrying their credit cards around,” according to a blog on the Razorpay website.
What is RuPay Credit Cards on UPI
According to the NPCI website, “RuPay Credit Cards on UPI will provide a seamless, digitally enabled credit card lifecycle experience for the customers. Customers will benefit from the ease and the increased opportunity to use their credit cards. Merchants will benefit from the increase in consumption by being part of the credit ecosystem with acceptance of credit cards using asset lite QR codes.”