UPI, or Unified Payments Interface, is increasingly becoming the preferred method of payment for all types of transactions. Last year, the Reserve Bank of India (RBI) permitted the linking of Rupay credit cards to UPI accounts, thereby allowing the plastic to be used for smaller transactions as well. Most major banks now offer Rupay credit cards that can be linked to your UPI account, irrespective of the category of the card. But, will existing credit card holders have to get a separate Rupay card just to avail the UPI payment option? No, one can get a virtual Rupay credit card in just a matter of a few hours.
“If a customer has a credit card on networks such as MasterCard or Visa and wants a Rupay equivalent to make UPI payments, they can ask the bank for a virtual card," said Frederick Dsouza, business head-credit card, Kotak Mahindra Bank.
Most banks are offering virtual only card option now. It is a separate card and its credit limit is within the overall limit assigned to the primary card that the customer has. “Customers who show interest specifically in UPI transactions see value in these virtual cards as they don’t want to swipe them at points of sale (POS) machines," said Dsouza.
Denne historien er fra November 28, 2023-utgaven av Mint Mumbai.
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Denne historien er fra November 28, 2023-utgaven av Mint Mumbai.
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