In a collaborative effort, Canara Bank has partnered with the National Payments Corporation of India (NPCI) to introduce the integration of RuPay Credit Cards with the Unified Payments Interface (UPI) platform. This initiative aims to provide Canara Bank customers with secure, convenient, and efficient payment transactions. By enabling the usage of RuPay Credit Cards on UPI, customers and merchants can benefit from new opportunities, transforming the credit ecosystem.
Enhanced Convenience and Security
Customers of Canara Bank can now enjoy a seamless and secure payment experience by linking their RuPay Credit Cards to a UPI ID. Utilizing the BHIM App and other UPI-enabled applications, customers can effortlessly conduct transactions using their credit cards, simplifying their financial activities.
Eligibility and Participating Banks
Initially, the Reserve Bank of India (RBI) authorized a select group of banks, including Punjab National Bank, Union Bank of India, Indian Bank, and now Canara Bank, to allow their customers to utilize RuPay credit cards on UPI. This collaborative effort promotes financial inclusion and empowers a wider segment of society.
Transaction Limits and Categories
Most businesses can make transactions of up to Rs 1 lakh per transaction using RuPay credit cards on UPI. However, authorized merchants in specific categories have the opportunity to 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 the implementation of necessary security measures.
Expanding Merchant Acceptance
Merchants can reap significant benefits by becoming part of the credit ecosystem and accepting credit cards through 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 accelerates the growth of digital payments and encourages more businesses to embrace the convenience of credit card transactions.
The integration of RuPay credit cards on UPI covers various categories to cater to diverse financial needs. These categories encompass 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 that a wide range of financial activities can be seamlessly conducted using RuPay credit cards on UPI.
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