UPI Payments Now Possible Through RuPay Credit Cards
Google Pay and the National Payments Corporation of India (NPCI) have announced a new feature that allows users to make Unified Payments Interface (UPI) payments using RuPay credit cards. This means that users can now link their RuPay credit cards to Google Pay and use them for seamless online and offline transactions at merchants that accept RuPay credit cards. Initially, this feature is available to RuPay credit card holders from select banks, including Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank of India. Other banks will also offer this feature soon.
To activate this feature, users need to add their RuPay credit card to Google Pay. They can go to their profile, select the “RuPay credit card on UPI” option, and choose the bank that issued their RuPay credit card. After that, users need to set a unique UPI PIN by entering the last six digits of their card number and expiry date, and then provide the OTP from their bank. Once these steps are completed, users can use their RuPay credit card for UPI payments by entering the set UPI PIN, similar to other UPI transactions.
Sharath Bulusu, Director of Product Management at Google, expressed that Google Pay aims to be a partner in India’s financial ecosystem, providing a safe and convenient way for millions of users to make digital payments. He believes that this new feature will offer users more flexibility and choices for making payments, thereby promoting the adoption of digital payments in the country.
Nalin Bansal, Chief Relationship Management and Key Initiatives, Corporate Business at NPCI, highlighted that the integration of RuPay credit cards with UPI combines the convenience of UPI with the advantages of RuPay credit cards, delivering a remarkable user experience. He also mentioned that this service has the potential to provide access to digital credit on demand, allowing consumers to make payments securely on both online and offline platforms using the reliable UPI network.
India has witnessed a significant increase in UPI transactions in recent years, with the monthly transaction count reaching 8.7 billion in March 2023, as reported by NPCI. To further boost the growth of digital payments in the country, the Reserve Bank of India (RBI) authorized the linking of RuPay credit cards to the UPI platform in June 2022.