What is a UPI Credit Card?

With the development of the Unified Payments Interface (UPI) system by the National Payments Corporation of India, digital payments have grown rapidly in India. Leveraging the ubiquity of UPI, major banks have now introduced the ability to link Credit Cards to UPI apps. This enables seamless Credit Card payments via UPI, opening up new avenues of usage. Linking Credit Cards with UPI offers multiple benefits to customers including better rewards, wider acceptance, contactless payments and speedier transactions. In this article, we explore how a UPI Credit Card works, its advantages, and how customers can link their Credit Cards and start transacting online.

What is UPI?
 

UPI or Unified Payments Interface is an instant real-time payment system developed by the National Payments Corporation of India (NPCI). It facilitates inter-bank peer-to-peer and e-commerce transactions using a virtual payment address (VPA) linked to a bank account or a Credit Card. UPI has transformed digital payments in India since its launch in 2016.

Linking Credit Cards to UPI

In recent years, some financial institutions have introduced the ability to link Credit Cards to UPI apps. This allows customers to use their Credit Cards for seamless UPI payments. IDFC FIRST Bank is one of the major participating banks that allows making UPI payments via a RuPay Credit Card.

In order to link a Credit Card, users must first register the card on a UPI app. Once registered, the Credit Card gets linked as a payment option within the UPI app. UPI Credit Card payments work like regular UPI payments, but you can transact only with merchants.

As UPI was developed by the National Payments Corporation of India, the RuPay network, also part of NPCI, is the first to enable Credit Card support on UPI.

Credit Cards on UPI

IDFC FIRST Bank allows customers to link their FIRST Power and FIRST Power+ Credit Cards to UPI. This offers multiple benefits including wider acceptance, easy contactless payments, accelerated reward points and better credit utilization.

Linking the FIRST Power and FIRST Power+ Credit Cards with UPI

• Register the FIRST Power or FIRST Power+ Credit Card on any UPI app like BHIM, PayTM or Google Pay
  
• Choose the ‘Add Credit Card option in the app and select IDFC FIRST Bank as the issuer
• Enter the Credit Card details like number, expiry, name, CVV when prompted
• Set up a UPI PIN for authentication during transactions

Once linked, the FIRST Power or FIRST Power+ Credit Card appears as a payment option within the UPI app. Customers just need to scan any UPI QR code and authenticate to pay via their Credit Card seamlessly.

Key benefits of linking the FIRST Power and FIRST Power+ Credit Cards to UPI

There are several advantages of linking the FIRST Power and FIRST Power+ Credit Cards with UPI for payments:

No need to carry a wallet -
 

As UPI payments are conducted via smartphones you no longer need to carry around your bulky wallet full of credit and debit cards.  

Earn reward points -
 

You can continue to earn Credit Card reward points even as you pay via UPI. With UPI-linked Credit Card payments, customers can earn reward points for every purchase, no matter how big or small.

Wider acceptability -
 

UPI QR codes are available at most merchants and retail outlets, enabling Credit Card UPI usage at more locations compared to PoS machines.

Easy and quick -
 

UPI linking is a one-time process. Thereafter, payments happen quickly by scanning QR codes without lengthy verification.

Credit utilisation -
 

Customers can optimise their credit limit more effectively by making UPI-linked Credit Card payments.

Payment security -
 

Secure MPINs, biometrics, and OTP authentication are part of UPI apps, adding an additional layer of security for card payments.

UPI Credit Cards eliminate the need to enter Credit Card details when making payments, as the customer only needs to scan the QR code with a mobile app, and the payment is made instantly. It also enables customers to earn rewards points, which can be redeemed for discounts or other benefits. With UPI linkage, IDFC FIRST Power and FIRST Power+ Credit Card holders can optimize Credit Card rewards and reap benefits like fuel savings, cashbacks and other offers. UPI integration equips the FIRST Power and FIRST Power+ Credit Cards for everyday use.

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.