The Reserve Bank of India (RBI) has taken several measures from time to time to promote digital payments in the country. Linking of credit card with UPI is an important step taken in this direction.
During the last one year, many banks have expanded this facility and now the name of Canara Bank has also been added to this list. Now the customers of Canara Bank can also make payment through UPI (RuPay Card UPI Payment) from their RuPay card.
The bank gave this information in the statement
Canara Bank and National Payments Corporation of India (NPCI) issued a joint statement giving this information. It was said in the statement that now the customers of Canara Bank will be able to use their RuPay Credit Card on BHIM App and other UPI Apps. When Canara Bank customers link their RuPay Credit Card with a UPI ID, they will be able to make instant, secure payments.
Benefits to customers and shopkeepers
Now Canara Bank customers will be able to take advantage of increased opportunities by having the facility to use credit cards on UPI, while merchants will also benefit as they will be able to accept credit cards using features like QR codes, NPCI said. And will be able to become a part of the credit card ecosystem.
Started last year
Let us tell you that after the MPC meeting of June last year (RBI MPC Meet June 2022), the Reserve Bank had given the facility to link the credit card with UPI. Then the RBI had said that the facility to make credit card payments on the UPI platform would provide more options to the customers than before. Linking of credit card with UPI has been started with RuPay Credit Card.
Now the customers of these banks will benefit
However, not all banks have got the green signal from the Reserve Bank to use this feature. Although almost all banks, especially government banks, issue RuPay credit cards, but only a few banks’ customers can use their RuPay cards on the UPI platform. So far, the Reserve Bank had given its approval to Punjab National Bank, Union Bank of India and Indian Bank for this. Now Canara Bank has also got this facility.
Link credit card with UPI app like this (How to link RuPay Credit Card with UPI)…
- First open the UPI payment app.
- Click on profile picture.
- Go to the Payment Settings option.
- Select the Add Credit/Debit Card option.
- Enter Card Number, Valid Upto Date, CVV, Cardholder Name etc.
- After giving all the information, click on the save button.