RuPay Credit Card on UPI Launched today | More details coming soon

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abhishek012

RuPay Credit Card on UPI Launched today | More details coming soon:

How to Pay via RuPay Credit Card on UPI, Watch this Video - 

Extremely delighted to share that i got the opportunity to witness the launch of various fintech products by innovators, and government organisations.

RBI governor Shri Shaktikanta Das has launched the three new products at GFF 2022:

1. RuPay Credit Card on UPI
2. UPI LITE
3. Bharat Bill Pay Inward Cross Boarder Bill Payment Solution.

https://cdn0.desidime.com/attachments/photos/807173/medium/1663682053189.jpg?1663682986

Full News - 

PNB, Union Bank, Indian Bank first to go live with UPI on RuPay credit cards.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday officially unveiled the UPI on RuPay credit cards and UPI Lite for feature phones, along with announcing that the Bharat Bill Pay System (BBPS) will enable cross-border bill payments.

Punjab National Bank, Union Bank of India, and Indian Bank will be the first to go live with UPI on RuPay credit cards via the Bhim app, while Federal Bank, along with UAE’s Lulu Exchange, will be the first to go live with BBPS cross-border bill payments.

Similar to those found on digital payment apps, UPI Lite is an ‘on-device wallet’ aimed at enabling offline transactions of smaller values, while BBPS will enable 'inbound' cross-border bill payments.

RuPay credit cards will be linked to a Virtual Payment Address (VPA) i.e. UPI ID, thus directly enabling safe, and secure payment transactions. The initial operational phase will be centred on extracting actionable learnings that will be used to fine-tune the proposition in later phases to scale up the usage, NPCI said.

At the launch, the RBI governor was accompanied by Biswamohan Mahapatra, Chairman at National Payments Corporation of India (NPCI), and Nandan Nilekan, Non-Executive Chairman at Infosys.

High MDR unlikely on UPI-RuPay credit cards

While UPI transactions via RuPay-linked debit cards attract zero fee, MDR (Merchant Discount Rate)—a fee charged to merchants for processing payments made through UPI, digital wallets, as well as debit and credit cards—was capped at 0.9% for all other debit cards (Visa/Mastercard). On the other hand, MDR for UPI transactions via credit cards is yet to be announced.

However, as per reports, it could attract 2% MDR (1.5% will go to the issuing bank, while the rest will be shared by RuPay and the acquiring entity).

For credit card issuers, the MDR has been one of the major ways to earn money as credit cards usually have 2-3% MDR.

“Everyone believes that the success of UPI is because of small merchants. We will continue to support them and cannot disturb them,” said Denny V Thomas, Head, NETC and AePS Product at NPCI.

Denny said the entity has been in discussion with various industry stakeholders since the announcement of linking RuPay credit cards with the UPI platform was made.

“There would be some business model around this. It is a credit-based business at the end of the day,” he added.

MDR is important for credit card businesses owing to an interest-free credit period of 45 days, and an unsecured transaction, industry experts have echoed.

Seeking the preparedness of the ecosystem, the spokesperson said the NPCI has been working on building the infrastructure to reduce UPI-based frauds besides bringing down the failure rates. “Banks also need to follow the same path. They have previously done it for debit cards,” Denny added.

During the discussion, questions were raised around “concentration of power (payment apps)” owing to zero charges on UPI transactions. Industry stakeholders pitched for a “Tier-based structure” where MDR charges could be on the basis of transaction volume or ticket size.

In August this year, the RBI floated a discussion paper on payment charges and asked for feedback by October.

Denny also hinted at gradually allowing linkage of other issuers and credit card networks (like Visa, Mastercard etc) with UPI.

Currently, credit cards are accepted by 2-4 million merchants, but with the RBI move to approve credit card payments for UPI, the 50-million UPI merchants can be part of the credit economy. “Customers are at the centre of everything we have built. Onboarding customers is the priority, irrespective of the card network. This needs to be taken care first and the rest will follow as we (including other issuers) all grow together,” said Denny.

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Deal Newbie Deal Newbie
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ConfirmPassword wrote:

Wonderful. Now, we can reduce the dependancy on master, visa and other networks. Only an alternative to swift messaging platform is pending...

It is so heart warming to see more and more people like you warming up to indigenous solutions rather than always thinking of ready-made western products/solutions.
Deal Cadet Deal Cadet
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Wonderful. Now, we can reduce the dependancy on master, visa and other networks. Only an alternative to swift messaging platform is pending...

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Deal Subedar Deal Subedar
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Great news. Have been waiting to use my rupay cc.

Deal Cadet Deal Cadet
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Wonderful. Now, we can reduce the dependancy on master, visa and other networks. Only an alternative to swift messaging platform is pending...

Deal Cadet Deal Cadet
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Great. Recently got my first Rupay CC.

Comrade Comrade
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Waiting for hdfc to be part of it

Deal Cadet Deal Cadet
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Have SBI IRCTC Rupay + HDFC Regalia Rupay for this 😃

Deal Lieutenant Deal Lieutenant
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Implications?? Does it mean only UBI, PNB cards work or they are the facilitators?
Deal Cadet Deal Cadet
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Don't have any of those cards.
Deal Cadet Deal Cadet
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Good brother.. did you get info on upi lite.. how will it work without internet?

Pro Blogger Pro Blogger
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Snapz wrote:

Good brother.. did you get info on upi lite.. how will it work without internet?

Watch this video here -
Deal Newbie Deal Newbie
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ConfirmPassword wrote:

Wonderful. Now, we can reduce the dependancy on master, visa and other networks. Only an alternative to swift messaging platform is pending...

It is so heart warming to see more and more people like you warming up to indigenous solutions rather than always thinking of ready-made western products/solutions.
Deal Subedar Deal Subedar
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Isn't merchant have 2%loss (esp like tea seller, local kirana shops, small outlets etc). Presently upi is like bank transfer with almost nil charges. After this they may hv to pay 2%.or they may pass this to us, customers.. & if present upi(dc)  continues to be free then how will they differentiate cc & dc/back acc upi. 

VPA may be differently patterned to identify cc based upi ids..? 

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IndianDimer wrote:

Isn't merchant have 2%loss (esp like tea seller, local kirana shops, small outlets etc). Presently upi is like bank transfer with almost nil charges. After this they may hv to pay 2%.or they may pass this to us, customers.. & if present upi(dc)  continues to be free then how will they differentiate cc & dc/back acc upi. 

VPA may be differently patterned to identify cc based upi ids..? 

Merchants have option to enabled/disabled all types of UPI payment.

For example - Over-Draft UPI (ICICI Paylater) charges 1.5% MDR from Merchants, some merchants dnt accept ICICI paylater UPI and when we scan n pay through ICICI paylater UPI. Got this error "Merchant is not support VPA".

Also small merchants will get exemption.

Deal Subedar Deal Subedar
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abhishek012 wrote:
Watch this video here -

In simple words upi lite is nothing more than UPI Wallet.




Pro Blogger Pro Blogger
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titamazon wrote:

In simple words upi lite is nothing more than UPI Wallet.




Offline wallet.

Normal wallet required internet connectivity.
Deal Subedar Deal Subedar
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abhishek012 wrote:
Offline wallet.

Normal wallet required internet connectivity.

Great, will it work if both device doesn't have internet ?

Deal Cadet Deal Cadet
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abhishek012 wrote:
Offline wallet.

Normal wallet required internet connectivity.
Can a single on-device wallet be used across all upi apps in the same device or we need to have seperate wallets for each upi app in the device?
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RamSun97 wrote:
Can a single on-device wallet be used across all upi apps in the same device or we need to have seperate wallets for each upi app in the device?
Dnt Know
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How to Pay via RuPay Credit Card on UPI, Watch this Video -

Deal Cadet Deal Cadet
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I don't have rupay cc hope it comes to visa network also 

Pro Blogger Pro Blogger
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timelord wrote:

I don't have rupay cc hope it comes to visa network also 

Use RuPay credit card.
Deal Cadet Deal Cadet
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abhishek012 wrote:
Use RuPay credit card.

I don't have rupay cc is there anyway to convert my axis visa infinite cc to rupay also is there any website to know rupay network's live forex rate of currencies before making any int'l transaction 

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timelord wrote:

I don't have rupay cc is there anyway to convert my axis visa infinite cc to rupay also is there any website to know rupay network's live forex rate of currencies before making any int'l transaction 

RuPay Global network dnt charge any forex rate, RuPay directly debit INR currency from your account. Simply search on Google "Dollar = INR" and same time same INR amount debit from your bank account (RuPay's Global network currently available in Bhutan, Nepal, UAE, Bahrain, Singapore)

RuPay's Discover and JCB variant Global cards debit foreign currency from your bank account. No idea forex rate of currencies but some RuPay credit card users told me no extra currency conversion charges debited.

Axis bank - only IndianOil variant currently available on RuPay.

Apply RuPay credit card from BOB (Easy, Premier, HPCL, Snapdeal, IRCTC).

HDFC bank - Regalia, Freedom New, Moneyback+, IndianOil, Tata Neu (2nd HDFC credit card available on Tata Neu RuPay variant)

SBI Card - IRCTC, BPCL, SimplySAVE, Apollo, Yatra.

ICICI - RuPay Coral

PNB/Canara/Union bank - RuPay Platinum and Select.
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