Transactions throughout the nation have been transformed by mobile payments via the Unified Payment Interface (UPI), from Varanasi to Mumbai. This amazing journey has been made even more remarkable by the continuous efforts to create a Digital India. Users have never had greater convenience thanks to the small payments made to vendors, store owners, etc. with minimal effort. In October 2023, the Reserve Bank of India released a bulletin predicting that by 2025, person-to-merchant (P2M) transactions would account for 75% of all UPI transactions.
The payment industry is about to undergo a radical change thanks to the potential to conduct Credit Card transactions through UPI on Paytm by merely scanning a QR code. It’s incredibly simple to use credit cards to make regular payments at neighborhood chai shops, supermarkets, stationery stores, and even vegetable vendors. Similar to linking a bank account, users only need to link their credit cards to UPI on the Paytm app.
With the help of their QR code, customers can pay with their credit cards at a far wider range of merchants, doing away with the need to carry physical cards. This also promotes digital payments, lessens reliance on cash, and lowers the costs for merchants related to maintaining card machines. Retailers with just a QR code today also start getting access to credit using customers through this game-changing feature
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Furthermore, a significant number of first-time borrowers may become eligible for credit thanks to this ground-breaking feature, which will also make credit more easily accessible, quick, and flexible. There are several benefits to using a credit card for everyday purchases, including the opportunity to accrue reward points with each transaction, the ability to use credit without depleting bank account balance, the ability to improve credit history over time, and the ability to make contactless payments.
In line with the RBI’s directive to connect RuPay cards to the UPI platform, this revolutionary integration is anticipated to increase the uptake of RuPay credit cards.
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.
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Instructions for linking a credit card to Paytm:
1.Click “Link Rupay Card to UPI” on the homepage of the “Paytm app” after opening it.
2.A list of multiple banks’ RuPay credit cards will show up.
3.Choose your credit card bank from the drop-down menu.
4.Now that your card has a UPI PIN, you can begin making payments straight away!
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