Are you using a RuPay credit card? If so, there’s good news for you. Similar to other credit cards, rewards will now be available on RuPay credit cards as well, with more reward points available on UPI transactions. Let’s find out the details.
Digital payments have significantly increased in the country, with a high share of UPI transactions. In line with this, the Central Govt has enabled UPI payments through RuPay credit cards.
The National Payments Corporation of India (NPCI) has issued important instructions to banks regarding RuPay credit cards.
It has been specified that the same rewards and benefits provided on other card transactions should be extended to credit cards, and reward points should also be offered for UPI transactions with RuPay cards.
NPCI has directed that these new regulations be implemented from September 1, 2024. This move is expected to boost the usage of RuPay cards and allow regular users who make UPI transactions to earn more reward points.
Credit card rewards incentivize card usage by offering points. NPCI has advised banks to ensure that the benefits provided on RuPay Credit Card and RuPay Credit Card UPI payments are upheld.
However, transactions subject to interchange fees are exempted from these orders.
The Reserve Bank of India made UPI transactions possible through credit cards in 2022, and RuPay has chosen to offer this feature on their credit cards. UPI transactions are now accessible to those with RuPay cards.
In response to the relatively low rewards and benefits offered on RuPay credit card transactions compared to other credit cards, NPCs have issued new directives to address this issue. Banks have begun issuing digital RuPay cards directly alongside physical cards.