Rupay-based credit card on UPI platform: By March 2023, State Bank of India (SBI), ICICI Bank, and Axis Bank want to start issuing RuPay credit cards over the UPI. Currently, the RuPay credit card segment on the UPI platform is live with three public sector banks—Union Bank of India, Punjab National Bank, and Indian Bank—and one private sector bank—HDFC Bank.
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The MDR for credit cards, which ranges from 2% to 3% of the transaction value, has no ceiling, though. Compared to Mastercard or VISA credit cards, RuPay credit cards often have a lower MDR.
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