The development of digital payments, specifically the Unified Payment Interface (UPI), has made paying bills easier than ever before. Paying with UPI is not only quick and simple but also secure and safe. The Reserve Bank of India (RBI) has permitted the connection of RuPay credit cards to the UPI for the convenience of the public. For those who are unaware, the National Payments Corporation of India, or NPCI, is the company that issues the RuPay credit cards. Taking advantage of this, Axis Bank customers can avail of UPI payment services with a Rupay credit card.
How to link up RuPay Credit Card with BHIM App
Step 1– Open the BHIM app and click on the ‘link bank account’.
Step 2– Click on the plus option ‘+,’. Through this, you can add another bank account. You can select a bank account or credit card service.
Step 3– Fill in the related information after selecting credit card services like
your mobile number.
Step 4– Enter the last 6 digits and the validity of the credit card. You will receive an OTP on your registered mobile number.
Step 5– Create UPI PIN. This way the process of registration will be completed and they can use credit card services for their daily life.
Step 6– Scan the merchant UPI QR code and select Rupay Credit Card and complete the payment by entering the UPI PIN.
Step 7– Enter the amount you want to pay and choose the linked RuPay Credit Card. Complete the payment by entering the UPI PIN. Thus you complete the transaction process.
For online financial transactions, RuPay is a technology platform that offers end-to-end security solutions. In India, only banks have the authority to issue credit cards. The bank will use the RuPay technology network when a customer uses a RuPay credit card. Here, RuPay is in charge of the technology connection to ensure that the transaction goes off without a hitch. Every transaction would be reimbursed by the bank to RuPay.
The zero Merchant Discount Rate (MDR) is one of the main factors contributing to UPI’s popularity. MDR is a charge that merchants pay to banks for processing payments that are based on a portion of the transaction. While other debit cards have a fee ranging from 0.4% to 0.9%, RuPay debit cards do not have an MDR. The MDR for credit cards, which ranges from 2% to 3% of the transaction value, has no ceiling, though. Compared to Mastercard or Visa credit cards, RuPay credit cards often have a lower MDR. Because UPI eliminates expensive MDR on credit cards and monthly terminal rentals, businesses favour it.
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