Canara Bank Offers UPI Payments Through RuPay Credit Cards
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.
By linking their Canara Bank RuPay Credit Cards to a UPI ID, customers gain immediate access to a seamless and secure payment experience. With the BHIM App and other UPI-enabled applications, customers can effortlessly transact using their credit cards, simplifying their financial activities.
Initially, the Reserve Bank of India (RBI) has authorized certain banks to allow their customers to use RuPay credit cards on UPI. The customers of Punjab National Bank, Union Bank of India, Indian Bank, and now Canara Bank are among the first to benefit from this service. This collaborative effort promotes financial inclusion and empowers a broader segment of society.
For most businesses, the standard transaction limit for RuPay credit cards on UPI is set at Rs 1 lakh per transaction. However, authorized merchants in specific categories can enjoy an increased limit of up to Rs 2 lakh per transaction. Non-verified merchants have a daily transaction limit of Rs 2,000, ensuring security measures are in place.
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.
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.
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