From Varanasi to Mumbai, mobile payments through Unified Payment Interface (UPI) have revolutionized transactions across the country. The ongoing efforts to build a Digital India have further fueled this transformative journey. Effortless small size payments to vendors, shopkeepers etc have provided unmatched convenience to users. According to the Reserve Bank of India’s October 2023 bulletin, Person-to-merchant (P2M) transactions are expected to constitute 75% of UPI transactions by 2025.
The ability to make Credit Card transactions through UPI on Paytm by simply scanning a QR code is poised to transform the payment industry. The ease of using credit cards for everyday payments at local chai shops, grocery stores, stationery shops, or even with vegetable vendors is phenomenal. Users only need to link their credit cards to UPI on the Paytm app, similar to linking a bank account. This feature eliminates the need to carry physical cards as well as allows the customer to pay from their credit cards at a much larger set of merchants, simply via their QR. This also reduces the costs for merchants associated with maintaining card machines, promoting digital payments and reducing dependence on cash. Merchants who only have a QR code today also start getting access to credit using customers through this game-changing feature
Furthermore, this groundbreaking feature will make credit more accessible, quick, and flexible, potentially bringing a large number of first-time borrowers into the credit accessibility fold. Using a Credit Card for daily payments offers various advantages, such as earning reward points on every transaction, being able to use credit while keeping bank balance untouched, building better credit history over time, and enabling contactless payments.
This game-changing integration is expected to boost the adoption of RuPay Credit Cards, aligning with the RBI’s mandate to link RuPay cards to the UPI platform.
Prime Minister Narendra Modi has consistently encouraged the nation to embrace digital payment methods for transactions. In his 107th edition of the monthly radio show Mann Ki Baat, he emphasized the increase in UPI payments and urged citizens to prioritize UPI payments in the upcoming months, encouraging them to share their experiences.
Steps on how to link your Credit Card on Paytm:
- Open the ‘Paytm app’ and click on ‘Link Rupay Card to UPI’ from homepage
- List of RuPay Credit Card of several banks to appear
- Select your Credit Card Bank from the list of options
- Set a UPI PIN for your card
- Now start making payments right away!
