UPI on Credit Cards: In today’s financial ecosystem, using a credit card has become a necessity. At the same time, making payments through UPI has also become very popular, which has left debit card payments far behind.
Overview of Growth of UPI Payments:
• October 2023: The total value of UPI payments was ₹17.15 lakh crore.
• October 2024: This value increased to ₹23.49 lakh crore, which shows a growth of about 37% in a year.
In contrast, the value of debit card transactions decreased from ₹52,000 crore to ₹46,920 crore in the same time period, which shows a decline of about 10%.
Now a sweet spot is that you can also make payments by linking your credit card to UPI. RBI approved the use of credit lines through UPI in June 2022.
Which banks support this facility?
Currently, 22 banks are available on RuPay credit card through UPI. These include:
• Public Sector Banks: Punjab National Bank, Union Bank of India, Indian Bank, Canara Bank.
• Private Sector Banks: HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and more.
You can link your RuPay credit card to any UPI apps like BHIM, PhonePe, GPay, PayZapp, Slice, Paytm, MobiKwik, Cred, Amazon Pay, etc.
How to activate UPI with Credit Card on your Smartphone?
1. Download BHIM App: First of all, download BHIM app from Playstore.
2. Complete Registration: After completing the registration process, select “credit card” option.
3. Selection of Issuing Bank: Choose the name of your credit card issuing bank from the dropdown menu.
4. Masked Credit Card will be displayed: Based on the mobile number registered with the bank, the masked credit card will be displayed on the screen.
5. Link Card: Select the card you want to link and confirm.
6. Generate UPI PIN: Now generate UPI PIN.
7. UPI PIN Change Option: You can also change your UPI PIN later through the “Change UPI PIN” option.
By following these simple steps, you can activate your credit card with UPI and make payments seamlessly. Do not forget to keep an eye on your expenses while using a credit card, so that you remain financially secure.
