How to use a credit card, such as a Visa or MasterCard, for UPI transactions

 How to use a credit card, such as a Visa or MasterCard, for UPI transactions

How to use a credit card, such as a Visa or MasterCard, for UPI transactions

Applying for a virtual RuPay credit card allows people with Visa or MasterCard credit cards to utilize the virtual card for UPI while making credit card purchases.

The credit limit will be split equally between the RuPay credit card and the Visa or MasterCard credit card.

Virtual RuPay credit cards and Visa or MasterCard credit cards will get reward points in different amounts.

Any e-commerce website that accepts RuPay card payments may utilize the Virtual RuPay Credit Card.

Users may now connect their RuPay credit cards to payment apps that utilize the Unified Payment Interface (UPI) thanks to an approval from the Reserve Bank of India (RBI). It should be a RuPay credit card if you want to utilize a credit card on the UPI network.

Virtual RuPay credit cards that can be used on UPI have been created by a number of institutions, including HDFC Bank, Kotak Mahindra Bank, Yes Bank, and Federal Bank, in an effort to encourage lakhs of users to use RuPay credit cards on UPI. Frederick D'Souza, Business Head, Credit Cards, Kotak Mahindra Bank, says, "We have launched a Virtual RuPay Credit Card to enable each of our credit card customers to use their credit cards on the UPI platform." UPI To use a RuPay credit card on the site, you must have a real card.

For whom is the Virtual RuPay Credit Card available? Understand how this is going to operate.

According to D'Souza, "only customers who already have a Kotak Mahindra Bank credit card will be issued this virtual RuPay credit card." Thus, anyone who now own a credit card from their bank—Visa, MasterCard, or any other—can seek to have their bank issue a virtual RuPay credit card.

Customers may attach this virtual RuPay credit card to any UPI app that is compatible and use it to make payments," adds D'Souza.

He goes on to say that anybody who has a bank secured credit card—one that is backed by fixed deposits—is also qualified to apply for a virtual RuPay credit card.

whether you're unsure whether you qualify for the Virtual RuPay Credit Card via the UPI platform, you may verify with your bank. You may apply for it if your bank provides it, attach the virtual card to any UPI platform, and proceed with regular transactions.

Be aware that your current Visa or MasterCard credit card will be connected to your Virtual RuPay Credit Card application. The Virtual RuPay Credit Card will function as the secondary card, and the card you now use as the main will be used.

Chitrabhanu KG, Senior Vice President and Country Head, Retail Assets and Cards, Federal Bank, provides further clarification, saying that the Virtual RuPay Credit Card would be an extra card that can be added to payment applications for current Visa and MasterCard credit card users. as PhonePe, Paytm, and Google Pay, which enable credit card payments using UPI. ECOM payments may also be made using the card. The joint limit of the extra RuPay virtual card and current Visa or MasterCard credit cards will be applied.

According to Yes Bank's website, "All Visa and MasterCard credit card holders of Yes Bank except NRI, Corporate, Commercial, Co-Branded and Purchase Credit Card holders are eligible for the Virtual RuPay Credit Card."

To find out whether you qualify for the Virtual RuPay Credit Card, contact your bank. You may apply for it if your bank provides it, attach the virtual card to UPI, and proceed with regular transactions.

Card Control: D'Souza states that the Virtual RuPay Credit Card will remain unaffected even in the event that the actual card (Visa/MasterCard) is canceled, barred, or not enabled for online or offline transactions. Regardless of the state of the real card, the virtual RuPay credit card will function in the same manner. The Virtual RuPay Credit Card operates on a separate card control system.

Facts about the Virtual RuPay Credit Card with UPI ● Two distinct statements: "There would be two separate credit card transaction details for both, since there were two cards—one physical (Visa/MasterCard) and the other virtual (RuPay)," claims D'Souza. The credit limit will be split across the real and virtual cards, however.

● There won't be any interoperable reward points: Reward points obtained via purchases on virtual RuPay credit cards would vary from reward points obtained through transactions on actual VISA/MasterCard credit cards, according to D'Souza. Two reward points are awarded since there are two credit cards. Points cannot be moved from one card to another.”