If you are a RuPay credit card user, this news is for you.
In a press note issued on Tuesday, Google said Google Pay has now signed up with the National Payments Corporation of India (NPCI) to initiate the ability for users to make UPI payments using RuPay credit cards. Users can link their RuPay credit cards with Google Pay (GPay) and make payments both online and offline at traders accepting RuPay credit cards.
India has experienced a substantial surge in UPI transactions in recent years, with the monthly transaction count reaching 8.7 billion in March 2023, according to NPCI. To further drive the growth of digital payments in the country, the Reserve Bank of India (RBI) permitted the linking of RuPay credit cards to google pay.
The feature is currently accessible to RuPay credit card holders from select banks including Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India. More banks are expected to join this deal very soon.
HOW TO ADD A RUPAY CREDIT CARD TO GOOGLE PAY:-
-Open the Google Pay app and tap on the profile image
-In the profile, spot the “Set up payments method” option and tap the “RuPay credit card” option.
-Choose the bank that issued the RuPay credit card.
-Set a unique UPI PIN. Users will need to enter the last six digits of their card number along with the expiry date.
-Complete the setup by entering the OTP received from the bank.
“The integration of RuPay Credit Card on UPI delivers a remarkable user experience seamlessly combining the convenience of UPI with the benefits of RuPay credit card”, said Nalin Bansal, Chief, Relationship management and key initiatives, corporate business from NPCI. He emphasized the potential of this collaboration to democratize credit in India.
HOW WILL IT HELP USERS?
“This feature will give Google Pay users more flexibility and choice in making payments, and will drive greater adoption of digital payments in the country” said Sharath Bulusu, director of product management from Google.
As in previous cases, where consumers had to connect their bank accounts with UPI through their debit cards, in this case in previous cases, where consumers had to connect their bank accounts with UPI through their debit cards, in this case, they can use their credit cards to validate themselves and get going.
The UPI ecosystem has grown leaps and bounds, processing 8.9 billion transactions this April. Google Pay has a market share of 33% with more than 3 billion transactions and is second only to PhonePe.
Imagine the amount of rush and growth it will bring to the country’s economy.