New Credit Card Rules On UPI For RuPay Users, Effective From September 1; Check Benefits

New Credit Card Rules On UPI: In June 2022, the Reserve Bank of India (RBI) allowed RuPay credit cards to be linked with UPI, which was previously used only as a pay-now facility.

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New Credit Card Rules On UPI: The National Payments Corporation of India (NPCI) has directed all banks issuing RuPay credit cards to make an upgrade in the rewards points, features, and benefits on UPI transactions. 

Notably, RuPay credit cardholders will experience an upgrade from today September 1. However, the decision will aim to standardise the rewards system across different payment methods. Also, it will make the cards more competitive and appealing in the evolving digital payments landscape.  

What's New For RuPay Credit Cardholders-

The new card will offer the same benefits and reward points for UPI transactions as they do for other types of credit card transactions. It means that cardholders will no longer face a disparity in rewards when using their RuPay credit cards for UPI payments compared to transactions initiated by other traditional cards. 

RuPay Credit Cards on UPI 

In June 2022, the Reserve Bank of India (RBI) allowed RuPay credit cards to be linked with UPI, which was previously used only as a pay-now facility.

In October 2023, the NPCI introduced interchange fees for RuPay-UPI transactions. For purchases over Rs 2,000, this fee is approximately 2 per cent. However, rest assured, you won't incur any additional costs when making payments. 

Benefits Of UPI Payments Via RuPay Credit Cards 

RuPay credit cards on UPI make using credit easier, making it more accessible and digital-friendly for customers. Merchants benefit by accepting RuPay credit cards via QR codes, potentially increasing their sales. 

It is important to note that 16 banks including Punjab National Bank (PNB), Indian Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank are offering these services.