If you use a credit card for UPI payments, then you should be aware of an important update. Soon, you may have to pay an additional fee for using UPI, which may be a bit inconvenient.
UPI payments are widely used in India, leading to a steady increase in the number of UPI users. However, an important update has surfaced that may concern users who frequently use credit cards for UPI payments. We are here to share this important information with you.
RuPay Credit Card:
India introduced the RuPay payment network to compete with US networks like Visa and MasterCard. Now, major banks are issuing credit cards on this network, and a large number of users are adopting it. As a result, RuPay's market share has reached 30%.
What will be the fee?
Experts told ET that people are increasingly using credit cards for larger payments. Currently, payments above ₹2,000 attract MDR (merchant discount rate) charges. With the rise in the use of credit cards for UPI payments, these charges could increase, possibly even apply to smaller transactions. However, no official information has been released yet.
Banks are planning:
Banks are planning to expand their strategy around UPI payments made through credit cards as the number of such transactions is on the rise. Banks such as Bank of Baroda and HDFC are focusing on this area. This focus has led to a push for Rupay credit cards. Many apps are also promoting UPI payments through credit cards, which could increase usage.
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