Introduction
Canara Bank, in collaboration with the National Payments Corporation of India (NPCI), has announced that its customers can now utilize their RuPay Credit Cards on the Unified Payments Interface (UPI) platform. This joint initiative aims to provide safe, secure, and convenient payment transactions for Canara Bank customers. The introduction of RuPay Credit Cards on UPI opens up new opportunities for both customers and merchants, revolutionizing the credit ecosystem.
Credit Card
This means that Canara Bank customers can now make UPI payments to merchants directly from their RuPay credit cards. Customers need to link their Canara Bank RuPay Credit Card with their UPI ID in order to make credit card transactions using this secure and seamless digital payment method. Whereas the process of linking the credit card is similar to the existing account linking process.
UPI Transaction
Customers can easily select their Canara Credit Card during the account listing for linking. In addition, the transaction limit applicable for UPI transactions will also be applicable for UPI payments made using RuPay Credit Card. Canara Bank emphasized that this new facility will significantly enhance digital payments and expand the UPI ecosystem.
RuPay Credit Card
With Canara Bank’s RuPay Credit Card going live on UPI, customers will enjoy greater flexibility and choice while making payments at merchant outlets, without the need to carry their physical cards. The integration of RuPay Credit Card with UPI is revolutionizing the way users perceive credit consumption and will undoubtedly help in greater adoption of digital payments across the country.
Expanding Merchant Acceptance
Merchants stand to gain significant advantages by becoming part of the credit ecosystem through the acceptance of credit cards using assets like QR codes. With the integration of RuPay credit cards on UPI, merchants can tap into a broader customer base and witness increased consumption. This development boosts the growth of digital payments and encourages more businesses to embrace the convenience of credit card transactions.
Supported Categories
The introduction of RuPay credit cards on UPI encompasses various categories to cater to diverse financial needs. These categories include Person-to-Person (P2P) payments, Peer-to-Peer Mandate (P2PM), digital account opening, lending platforms, cash withdrawal at merchant outlets and ATMs, Electronic Rupee (ERUPI), Initial Public Offerings (IPOs), Foreign Inward Remittances, Mutual Funds and other categories as determined by the issuing bank or RBI. This comprehensive coverage ensures a wide range of financial activities can be seamlessly conducted using RuPay credit cards on UPI.
Read also:- Limits On UPI Transactions
Canara Bank Offers UPI Payments Through RuPay Credit Cards,Canara Bank Offers UPI Payments Through RuPay Credit Cards
