On February 16, National Payments Corporation of India (NPCI) and HDFC Bank announced that now HDFC Bank customers can use their RuPay Credit Card on UPI with BHIM App and other UPI-enabled apps.
HDFC Bank RuPay Credit Card Linking With UPI ID
This simply means that the HDFC Bank RuPay Credit Cards will be linked to a UPI ID, hence, directly enabling safe, and secure payment transactions, according to NPCI and HDFC in a joint statement.
It is noteworthy here that HDFC Bank is the first private sector bank in the country to go live on UPI with its RuPay Credit Card with this linkage.
How Does This Help?
The Country Head, Payments, Consumer Finance, Technology and Digital Banking, HDFC Bank, Parag Rao said, “As India’s largest card issuer, it is our constant endeavor to ensure that our customers are able to choose the option that best suits their changing needs. Over time we are certain this will further enhance the payments landscape and we are honored to be the first private sector bank to partner with NPCI for this initiative,”.
The move is largely going to benefit the HDFC Bank customers from the increased opportunity to use their credit cards on UPI.
The merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
Further, COO, NPCI, Praveena Rai said,“We believe linking RuPay Credit Card on UPI to be a game-changer for the ecosystem and will give impetus to the adoption of UPI across businesses with multiple use cases. It will provide a seamless, digitally-enabled credit card lifecycle experience to the customers and will enable consumers to make QR-based, e-commerce payments using the credit card on UPI which will fuel further economic growth,”.
