Union Bank of India launches Rupay Credit Card on UPI and UPI Lite; check details

With the introduction of UPI Lite, Union Bank customers can now make small UPI payments (up to Rs 200) without entering their UPI PIN. This feature is currently enabled on the NPCI BHIM App. When an existing UPI customer signs up for UPI Lite, a replenishable value of up to Rs 2000 is created in the Customer's account.

Team Newsable

First Published Sep 21, 2022, 2:00 PM IST

Union Bank of India was the first to introduce Credit Card payments via UPI and UPI Lite. This was announced at a Global Fintech Fest in Mumbai by RBI Governor Shaktikanta Das in the presence of NPCI advisor Nandan Nilekani.

Union Bank Rupay Credit Card holders can now make UPI payments to merchants using the BHIM app, thanks to the launch of the UPI Credit Card. Customers can scan merchants' UPI QR codes and pay with their credit cards. For Union Bank Rupay Credit Card holders, the functionality is currently enabled on the NPCI BHIM App. The product will soon be available for other UPI apps in the payment ecosystem.

Union Bank customers can now make small UPI payments (up to Rs 200) without entering their UPI PIN, thanks to the launch of UPI Lite. This feature is currently enabled on the NPCI BHIM App. When an existing UPI customer signs up for UPI Lite, a replenishable value of up to Rs 2000 is created in the Customer's account. Customers will benefit from this by experiencing near-zero transaction failure even during peak hours. Customers can also use UPI Lite to conduct unlimited daily transactions.

Union Finance Minister Nirmala Sitharaman stated on Tuesday that UPI-based transactions are expected to reach one billion per day within the next five years. Sitharaman stated at an event hosted by the industry body FICCI that data released by NPCI shows that UPI reported 6.28 billion transactions worth 10.62 trillion in July 2022.

"Every month, there is significant growth in transactions. UPI hopes to process one billion daily transactions in the next five years," she stated.

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Last Updated Sep 21, 2022, 2:00 PM IST