Credit card company SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. From August 10, 2023, SBI Card customers can make UPI transactions through their credit cards issued on RuPay. Customers can use this facility by registering their credit cards with third-party UPI apps. This service is provided free of charge to customers.
SBI Card, in a release, said that the move would enhance the avenues for customers using SBI Card on the RuPay platform on UPI merchants.
Steps to link your SBI Card-issued RuPay Credit Card on UPI
The cardholder’s mobile number registered with SBI Card should also be linked with UPI for successful linking. Payments at a physical store or online merchants are handled similarly to debit card transactions.
Dilip Asbe, MD & CEO, NPCI, says, “This partnership will enable seamless UPI payments for SBI RuPay credit cardholders, providing them digitally enabled credit card lifecycle experience. With the rising demand for credit cards in the country, it becomes imperative to continuously build innovative payment solutions that are convenient, swift, and secure, such as linking RuPay Credit Cards with UPI.”
The Reserve Bank of India (RBI) enabled UPI applications to accommodate credit card payments in 2022. Under this framework, the RuPay settlement system was the sole payment service system allowed to participate.