If you link your credit card with UPI, you can enjoy more convenience and rewards for small transactions.
The Unified Payments Interface (UPI) is a real-time payment system encouraging fund transfers seamlessly between two bank accounts through a mobile app. In India, UPI has gained immense popularity, evident from the staggering figure of over seven billion transactions processed in September 2023.
Various UPI apps are accessible in India, such as Paytm,
A multitude of UPI apps are accessible in India, such as Paytm, PhonePe, MobiKwik, iMobile, BHIM app, Airtel Money, Axis Pay, Baroda MPay, Pockets-ICICI Bank, SBI Pay, and Yes Pay. Additionally, several banks offer their own UPI apps.
Initially, fund transfers to your UPI were limited to a credit card or a savings bank account. However, the Re
Initially, fund transfers to your UPI were limited to a debit card or a savings bank account. However, the Reserve Bank of India (RBI) has recently authorized the linking of credit cards with UPI. This development comes with its advantages and disadvantages.
If you link your credit card with UPI, you can enjoy more convenience and rewards for small transactions. However, there are also some risks involved. For example, you may overspend, fall into a debt trap, or include your high interest rates. To avoid these pitfalls, it is important to use credit cards wisely and make sure to pay the bill each month.
