Customers can now make a variety of payments using their credit cards. Just link the card details in different UPI apps.
Linking credit cards to UPI apps will help small merchants make fast, secure and convenient payments. UPI will allow consumers of credit cards including credit card rewards to participate in the QR ecosystem created by offline payment players like PhonePay and G-Pay.
Central government feels that integration of credit cards with UPI will be a powerful way for consumers. While maintaining financial discipline is critical, judicious use of linking credit cards on UPI can become a very powerful small transaction proposition for consumers.
This system will reward customers more as long as financial discipline is maintained. Shopping can set spending limits and ensure you don’t overspend while enjoying savings through discounts and rewards. In addition, consumers can gain a better understanding of their spending habits and gain more control over their finances.
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Experts suggest that using UPI on credit cards responsibly is about availing the benefits offered and reinforcing good financial habits that lead to long-term financial gain. Linking credit cards with UPI does not fundamentally change the principles of responsible financial planning.
In this scenario users don’t need to carry credit cards, swipe, tap or wait for OTPs. Using credit cards with UPI saves time and eliminates the risks associated with using a physical card like skimming or card loss.
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