UPI for Credit Card: Activating UPI on Credit Cards (SBI, HDFC, ICICI, Axis Bank, Bajaj Finserv)

Unified Payments Interface (UPI) is one of the most convenient and secure ways of receiving and sending/ receiving money. NPCI (National Payment Corporation of India) has developed UPI in year 2016. In May 2019, total transaction of 1,52,449.29 crores was done on UPI. More than 733.54 million number of transaction. No doubt that UPI is ahead of Card (Debit/ Credit) payments. In coming month, UPI will be more used. The popular UPI Apps i.e. BHIM, BHI Pay, PhonePe, Google Pay, PayTM is also providing various offers and cashback plans to escalate the Cashless economy.

Activating UPI on Credit Card (Account)

India has become habitual of using Credit Cards. The Financial Institution i.e. Bajaj Finserv, Axis Bank, HDFC, ICICI, SBI, BOB, PNB and various other Bank provide Credit Cards services. Some of them give various Cashback & Offers on Online Shopping, Dining, Bill Payments etc. The EMI (Zero %) on E-Commerce is one of the biggest use in the Credit Cards.

As the Digital Market is penetrated by UPI, the customer need to activate their Credit Card for UPI services. Here, we are providing complete information that will guild you.

UPI for Current/ Saving Bank Account

The first step to use the UPI is to link your bank account. Once your bank account is linked, you need to create a virtual address which becomes your identity for receiving and sending payments.

To register your bank account, all you need is the bank account number and IFSC code. Once those details are input, the user needs to select a unique virtual ID for transactions.

UPI masks the bank account number and IFSC code of the sender and receiver which provides an added layer of security to transactions.

Unified Payments Interface Features

a) The Unified Payments Interface permits payments via mobile app, web etc.
b) The payments can be both sender (payer) and receiver (payee) initiated
c) The payments are processed in an secured manner aligned with the RBI guidelines.
d) The payments can be done using Mobile Number& MMID, Aadhaar Number, Virtual Address, Account Number
& Indian Financial System code (IFSC).

This virtual ID works like an email. To make payments using UPI, all the user has to do is to input the virtual ID of the sender and the confirmation PIN and the amount is automatically debited from the linked account.

For most users, this process is simple because they can link savings accounts to their respective UPI apps and conduct transactions easily. The question that arises is can Current Account users use UPI.

Current Account UPI: The Current Accout holder can also use UPI. In the registration process of UPI, you have to choose the Name of Bank then Account Number (here, you must choose the Current Bank Account) and Set the UPI PIN.

For Saving Account UPI: Activating UPI service on the Saving Bank Account, you have to follow the steps >> Open UPI App >> Verify Mobile Number >> Choose Bank Name >>> Select Saving Account >>> and then you have to set the UPI PIN.

In Setting the UPI PIN, you have to provide the Debit Card “last 6 Digit Number” and Expiry Dates.

In case, you don’t have the Debit Card then you have have to visit Bank Internet Banking website or App and SET UPI PIN there.

CREDIT CARD UPI Features: Now, let’s talk about the UPI on Credit Card. This is limitation of NPCI UPI, as the customer having Credit Card are not able to activate or use for UPI Payments. May be in future, NPCI shall give this service.

UPI App Complaints

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Why UPI not on Credit Card: This is interesting question, The UPI feature is activated only on the Bank Accounts (Saving, Current or Deposit). The Credit Card linked to your account don’t have actual account number. Its has only card details with is very sensitive and confidential. As the Payment of Credit Card can be make without OTP verification. (Credit Card Number, CCV only). So, NPCI is not accepting Credit Card for the UPI Payments.