Good news for Rupay credit card holders, there will be no fee for transactions up to this level through UPI
Rupay credit card: There will be no charges for transactions up to Rs 2,000 on Unified Payments Interface (UPI) using RuPay credit cards. This has been instructed in a recent circular of the Reserve Bank of India. RuPay Credit Card is in operation for the last four years and all major banks are associated with it. “The process of linking the credit card on the app and generating the UPI PIN requires the consent of the customer to enable the credit card in all transactions,” the circular issued on October 4 said, NPCI said. The existing process of the app for transactions will be applicable on credit cards as well.
Efforts to make Rupay card popular
It said that zero merchant concessional rate (MDR) will be applicable for this category up to transaction amount less than and equal to Rs 2,000. “This circular will come into force from the date of issue,” the notice said. Members are requested to take note of this and bring the contents of this circular to the notice of the stakeholders concerned.” To provide wide options of payment. Presently UPI is linked to savings accounts or current accounts through debit cards.
UPI usage will increase due to credit card linkage
The Reserve Bank believes that the integration of RuPay credit cards with the Unified Payment Interface (UPI) will help business a lot. By linking the two, UPI merchants will be able to provide all the facilities like overdraft, capture and hold facility, envoicing support. RBI has said that this change will increase the share of P2M transactions in the total UPI transactions. At present, there are more than 26 crore UPI users in the country, which includes more than 50 million merchants.
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