Canara Bank has become the first Public Sector Bank in India to offer UPI payments to merchants using RuPay Credit Card.
According to the bank, customers can now use their Canara Bank RuPay Credit Cards to make UPI payments to merchants through the “Canara ai1” Banking Super App. This new feature allows customers to link their credit cards to their UPI IDs, making it easier and safer to make digital credit card transactions.
To link the credit card, customers can follow a similar procedure to linking their existing accounts and select the Canara Credit Card option. The transaction limits for UPI transactions will remain the same when using the RuPay Credit Card.
The bank believes that this facility will enhance digital payments and expand the UPI ecosystem. Dilip Asbe, MD & CEO of NPCI, commented that integrating the RuPay Credit Card with UPI offers a seamless user experience, combining the convenience of UPI with the benefits of the credit card. He also mentioned that this integration will transform the perception of credit consumption and promote greater adoption of digital payments in the country.
However, it’s important to note that currently, this facility only allows merchant payments. Person-to-person, card-to-card, and cash-out transactions are not permitted for UPI payments using RuPay Credit Cards, according to Canara Bank.