UPI users have a great opportunity. From now on, RuPay credit cards can be added to the UPI app for payments. And this permission was given by the Reserve Bank of India (RBI) on Wednesday. RBI Governor Shaktikanta Das announced this decision at the Monetary Policy Review press conference few days ago.
RBI, in a statement on developmental and regulatory policies, said that UPI is widely used in payments in India. Currently, about 26 crore users and 5 crore merchants are using the UPI platform. In May this year, about 594.63 crore transactions were made through UPI and the amount of money in these transactions is 10.40 lakh crore. The facility that UPI provides is that users can link their savings or current accounts through debit cards for money transactions. And in terms of transactions, PPI access to the UPI payment system has become easier due to PPI interoperability. And to provide more convenience to UPI users, it has been proposed to link credit cards with UPI.
Money transactions or payments can be made by adding credit and debit cards to the UPI app. As a result, such cards no longer have to be swiped at the POS machine. While making a payment, you only have to scan the QR code and select the linked credit or debit card. When making a payment through a card using the UPI app, a one-time password or OTP will be sent to the customer’s registered mobile number. And the payment will be completed only after providing that OTP.
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Let’s see how to make a payment using a credit or debit card on popular UPI apps like GPay and PhonePe.
For this, first of all, the customer has to add his card to Gpay. According to the information on the Gpay website, a customer can use credit and debit cards of the following banks on this platform. However, it must be kept in mind that this applies to customers who use Visa or MasterCard payment gateways.
To add a credit or debit card to GPay, follow these steps:
Step 1: Open the app and click on your profile picture.
Step 2: Clicking on Payment Method will show the user’s current bank accounts, which are already added to the app. Now, to add a card, click on ‘Add credit or debit card’.
Step 3: The user will need to enter their card number, card expiry date, CVV number, cardholder name and billing address.
Step 4: Click on the Save option and the customer will have to accept the applicable terms and conditions.
Step 5: After that, by clicking on the ‘Activate’ option, the payment can be made at any store or business establishment.
The customer will have to verify their card. For this, an OTP will be sent to the registered mobile number. Once verified, the customer can make the transaction.
Also Read –Paying Through UPI? Here’s How You Can Get Instant Cashback
Where can I make payments using a credit card through GPay?
According to the GPay website, customers can use their credit or debit cards for the following types of transactions:
NFC-enabled payment terminals can be tapped to pay.
Online and offline businesses can make payments based on the ‘Bharat QR code’.
Google Pay can be used for bill payments and recharges.
Online payments can also be made on Android apps like Myntra, Dunzo, Yatra, MagicPin, Coolwinks, EaseMyTrip, Confirmtkt.
Payment using credit or debit card on PhonePe app:
To make a payment using a credit or debit card through the PhonePe app, the customer has to add his card to that app. And its method is also the same as Gpay. That is, the card can be linked in this case by following the above method. Payment methods can be found by going to the settings of the PhonePe app. And there you have to click on ‘Add new card’. Once you provide all the card details there, it will be verified through the penny-drop method (1 taka will be deducted from the customer’s account).
Once the card is successfully verified, it can be used for payment. According to PhonePe’s website, payments can be made using the card for any service or product on the PhonePe app or at PhonePe merchants or sellers.
However, it is important to remember that only Visa or Master-based payment gateway cards can be used in the case of GPay. But PhonePe allows the use of all domestic credit and debit cards from Visa, MasterCard, Maestro, Diners, American Express and Rupay.