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First Government bank to allow UPI payments through credit cards – Details here

First Government bank to allow UPI payments through credit cards – Details here:

Canara Bank has announced that it has become India’s first Public Sector Bank to offer UPI (Unified Payments Interface) payments to merchants through RuPay Credit Card. This new feature is available within the bank’s popular “Canara ai1” Banking Super App. The bank has partnered with NPCI (National Payments Corporation of India) to introduce this facility.

The addition of UPI payments to merchants through RuPay Credit Card provides Canara Bank customers with a convenient and secure method to make payments. UPI is a real-time payment system that allows users to instantly transfer funds between bank accounts using their mobile phones. By integrating UPI payments into the RuPay Credit Card, Canara Bank aims to enhance the digital payment experience for its customers.

The introduction of this feature aligns with the Indian government’s push for digital transactions and the promotion of cashless payments. It enables Canara Bank customers to make quick and seamless payments to merchants using their RuPay Credit Card, providing them with greater flexibility and convenience.

As the first Public Sector Bank to offer UPI payments to merchants through RuPay Credit Card, Canara Bank has demonstrated its commitment to staying at the forefront of digital banking services. By leveraging the capabilities of the Canara ai1 Banking Super App and partnering with NPCI, the bank is expanding its digital payment offerings and providing customers with innovative solutions.

Customers of Canara Bank can now enjoy the benefits of UPI payments through their RuPay Credit Card, making transactions more efficient and hassle-free. This move further promotes the adoption of digital payment methods in India and contributes to the ongoing digital transformation of the banking sector.

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Canara Bank has introduced a new feature that enables its customers to make UPI payments to merchants using their RuPay Credit Cards. This facility allows customers to link their Canara Bank RuPay Credit Cards to their UPI IDs, providing a seamless and secure digital payment method.
By linking their Canara Bank RuPay Credit Cards to UPI IDs, customers can easily make credit card transactions. This feature enhances convenience for customers by allowing them to use their credit cards for UPI payments in addition to their bank accounts.

The bank has emphasized that this new facility ensures a seamless and secure payment experience for customers. The procedure for linking the credit card to UPI is similar to the existing account-linking approach. Customers can select their Canara Credit Card to link it to their UPI ID during the account linking process.
The introduction of this feature reflects Canara Bank’s commitment to enhancing digital payment options for its customers. By enabling UPI payments through RuPay Credit Cards, the bank aims to provide customers with a wider range of payment choices and enhance their overall banking experience.

K. Satyanarayana Raju, the Managing Director and CEO of Canara Bank, has expressed his satisfaction with the new facility. With a process similar to existing account linking, customers can conveniently link their credit cards and enjoy the benefits of making UPI payments through their RuPay Credit Cards.

This initiative by Canara Bank aligns with the ongoing push for digital transactions in India and further supports the government’s vision of a cashless economy. By offering this facility, Canara Bank empowers its customers with enhanced flexibility and convenience in their payment transactions while ensuring the security and reliability of the UPI platform.
Canara Bank has stated that the transaction limits applicable for UPI transactions will remain the same for UPI payments using RuPay Credit Cards. This ensures that the existing transaction limits set for UPI payments will continue to apply to transactions made using RuPay Credit Cards.

The introduction of UPI payments through RuPay Credit Cards is expected to enhance digital payments further and contribute to the growth of the UPI ecosystem. By combining UPI’s convenience with RuPay Credit Cards’ benefits, Canara Bank aims to deliver a seamless user experience for its customers.

Dilip Asbe, the Managing Director and CEO of NPCI expressed his views on the announcement, highlighting the remarkable user experience that the integration of RuPay Credit Card on UPI offers. He mentioned that with Canara Bank’s RuPay Credit Card now available on UPI, customers will have increased flexibility and choice when making payments at merchant outlets, eliminating the need to carry their physical cards.

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The linking of RuPay Credit Cards with UPI is seen as a transformative step in how users perceive credit consumption and are expected to drive greater adoption of digital payments across the country. By providing customers with the option to make UPI payments using their RuPay Credit Cards, the initiative aims to promote the usage of digital payment methods and contribute to the ongoing digital transformation in India.

The integration of RuPay Credit Card on UPI not only expands the range of payment options available to customers but also offers them the benefits of both UPI and the RuPay network. This development is expected to provide a more seamless and convenient payment experience, promoting the adoption of digital payments and contributing to the growth of the digital economy in India.

Canara Bank has clarified that the facility of UPI payments using RuPay Credit Cards is currently limited to merchant payments. This means that customers can utilize this facility to make payments to merchants, but it does not extend to person-to-person transactions, card-to-card transfers, or cash-out transactions.

While the introduction of UPI payments through RuPay Credit Cards provides customers with the convenience of digital transactions at merchant outlets, it is important to note that the scope of this facility is specific to merchant payments only. Other types of transactions, such as transferring funds between individuals or conducting cash withdrawals, will not be permitted for UPI payments made using RuPay Credit Cards.

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Customers using this facility can enjoy the benefits of making seamless and secure payments to merchants. Still, they should be aware of the limitations in terms of the transaction types that are supported. Customers should familiarize themselves with UPI payments’ specific guidelines and terms using RuPay Credit Cards provided by Canara Bank to ensure a smooth and hassle-free payment experience.

As the digital payment landscape continues to evolve, Canara Bank and other financial institutions may introduce additional features and expand the scope of UPI payments using RuPay Credit Cards in the future. However, as of the current announcement, this facility is limited to merchant payments only.

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