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Digital payment revolution: How UPI, virtual credit cards, and rewards are shaping the future

Key Takeaways

  • UPI is leading the digital payment transformation by making transactions more seamless, accessible, and efficient for consumers and businesses.
  • Virtual credit cards offer enhanced security, convenience, and rewards, making them a futuristic payment solution.
  • UPI on a credit card enables easy QR-based payments at millions of merchants, combining the benefits of UPI with credit accessibility.
  • The FIRST EA₹N RuPay Credit Card is a secured virtual credit card that integrates with UPI, offering cashback rewards and a secure digital payment experience.
27 May 2025 by Team FinFIRST
Digital payment revolution: How UPI, virtual credit cards, and rewards are shaping the future
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India's digital payment ecosystem is evolving rapidly, with Unified Payments Interface (UPI) leading the charge. The ease, security, and widespread acceptance of UPI have made it a preferred payment method. Further enhancing this shift are virtual credit cards and UPI on credit cards, which combines the convenience of UPI with the power of credit. The FIRST EA₹N RuPay Credit Card, a fully virtual, FD-backed credit card, is revolutionising transactions by allowing seamless UPI payments while offering rewards on every transaction.

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How virtual credit cards could be the future of payments?
 

Virtual credit cards are digitally issued credit cards with a fixed card number, eliminating the need for a physical card. As digital payments gain traction, virtual credit cards are expected to become a dominant payment mode due to their enhanced security, instant issuance, and seamless UPI integration.

The FIRST EA₹N Credit Card by IDFC FIRST Bank is a prime example of how virtual credit cards are shaping the future of digital transactions. It is an FD-secured RuPay Credit Card, requiring only a minimum fixed deposit of ₹5,000, making it accessible to first-time credit card users and individuals with no prior credit history. By linking the FIRST EA₹N RuPay Credit Card with UPI, users can effortlessly make payments at over 60 million merchants while earning cashback rewards.

As digital payments redefine financial transactions, virtual credit cards with UPI integration ensure security, convenience, and rewards, making them the future of seamless and cashless commerce.

Benefits of using a virtual credit card
 

Virtual credit cards offer numerous advantages that cater to modern consumers who prefer digital transactions. Some of the key benefits of the FIRST EA₹N RuPay Virtual Credit Card include:

1. Enhanced security
 

Virtual credit cards eliminate the risk of card theft or skimming, providing a secure environment for online transactions. Since the card details remain digital, there is no physical exposure to fraud risks.

2. Seamless UPI payments
 

By linking the FIRST EA₹N RuPay Credit Card with UPI, users can scan QR codes and pay at millions of stores without needing a physical card. This ensures instant, contactless, and cashless transactions.

3. Cashback on every spend
 

FIRST EA₹N RuPay Credit Card holders are entitled to:

  • 1% cashback on UPI spends through the IDFC FIRST Bank mobile app.
  • 0.5% cashback on UPI spends via other apps and online transactions.
  • 0.5% cashback on utility payments, insurance premiums, and wallet loads. (Cashback capped at ₹500 per statement cycle.)

4. Easy eligibility & instant issuance
 

Unlike conventional credit cards that require income proof and a high credit score, the FIRST EA₹N Credit Card is FD-backed, making it accessible to all. Users can get instant approval by opening a fixed deposit, with a minimum credit limit equal to the FD amount.

5. Exclusive rewards & offers
 

Cardholders enjoy:

  • 100% cashback up to ₹500 on their first UPI transaction 
  • 25% discount up to ₹100 on movie tickets booked via District by Zomato.
  • 6.75 % p.a. interest on their fixed deposit.

6. Insurance & protection
 

The card includes:

  • Lost card liability cover up to ₹25,000 for added security.
  • Personal accident insurance worth ₹2,00,000, ensuring peace of mind.

Conclusion
 

The rise of UPI, virtual credit cards, and Credit Card on UPI is revolutionising India's payment landscape, offering consumers an efficient and rewarding transaction experience. The FIRST EA₹N RuPay Virtual Credit Card by IDFC FIRST Bank perfectly aligns with this transformation, combining UPI’s convenience with the power of credit while offering security and cashback benefits. Whether you are a first-time user or looking for a smart digital payment solution, this FD-backed virtual credit card is the ideal choice for effortless and rewarding transactions.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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