What Is The Transaction Limit For UPI Transactions Using RuPay Credit Cards?

In banking and finance, the UPI has emerged as a convenient way for people to transact. UPI has gained popularity in India because of its smooth and quick transfer capabilities, which allow for quick and simple payments for various goods and services.

As UPI transactions grow, you must understand the transaction limit associated with various payment methods, including RuPay credit cards. When you make transactions via Rupay credit cards, banks impose some transaction limits for your safety and security. With all the knowledge about transaction limits for UPI transactions using RuPay credit cards, you may optimise your financial activities, ensuring a smooth and safe transactional journey.

Overview of RuPay Credit Card

RuPay is an Indian international financial service and payment system developed and launched by the National Payments Corporation of India in 2014. It was founded to achieve the Reserve Bank of India's objective of building a local, open, and multilateral payment system.

A RuPay credit card is a plastic card banks give to their customers. It is accepted on all POS devices, ATMs, and e-commerce platforms. RuPay is India's foray into the international payment business using a local card facility.

Types of RuPay Credit Cards

RuPay offers four credit cards:

1. RuPay Classic Credit Card
2. RuPay Platinum Credit Card
3. RuPay Select Credit Card
4. RuPay MSME Credit Card

Features of RuPay Credit Cards

• Flexible repayment options through cash or online transfers
• Widely accepted at various ATMs and online platforms
• Attractive offers on customer’s spending pattern
• Protected with advanced security measures to ensure safe transactions

RuPay plays an essential role in India’s growing economy. With their benefits, widespread acceptance, and other features, credit cards make online payments accessible and efficient for individuals nationwide.

Transaction limit for UPI transactions using RuPay Credit Card

The transaction limit for UPI transactions using RuPay credit cards is as follows:

• Peer-to-peer transactions: The daily transaction limit can vary from Rs.1,00,000 to Rs.2,00,000, depending on the issuer and card type.
• Merchant transaction: The daily limitations typically vary from Rs.5,000 to Rs.1,000,000 for merchant transactions.

Transaction limits aim to reduce the risk of online financial fraud. Limiting the maximum amount that may be transacted in a single transaction or during a specific duration decreases the possibility of financial loss in the event of fraudulent activity.

This protects both the cardholder and the issuing bank against severe losses. These limits guarantee that banks meet regulatory norms and standards, encouraging transparency, fairness, and accountability in the banking system.

How to check your RuPay Credit Card UPI transaction limits?

To check your RuPay credit card's UPI transaction limits, visit the issuer's website or mobile app.

Execute these steps:

1. Login to your Net Banking or Mobile Banking App
2. Head to the UPI section
3. Find the transaction limit details

You may follow these general steps to check your transaction limit for UPI transactions using a RuPay credit card. However, if you encounter any problem, contact the customer helpline to understand the process.

Transaction limits may be subject to periodic review. Stay informed about any changes made by the issuer. Periodic evaluations guarantee that your transaction limitations align with your financial demands and the issuer's policies, maximising your payment experience. Keeping informed about these issues provides a smooth and secure financial experience with your RuPay Credit Card.

How to link your RuPay Credit Card to UPI? 

To link your RuPay credit card to UPI, follow these simple steps: 

• Open your preferred UPI app and go to link your RuPay credit card 
• Select your Bank name  
• A list of credit cards will be displayed 
• Select the RuPay card from the list 

To set the PIN: 

• Enter the last 6 digits of the card and the expiry date 
• Enter OTP 
• Set a unique UPI PIN of your choice 

You may now start making transactions with merchants, friends, and more.  

What are the benefits of UPI transactions with RuPay Credit Cards?

Here are the benefits of customers using UPI transactions with a RuPay credit card: 

• Flexible repayment time: Currently, the user's payments are debited instantly from the bank account. Linking credit cards to UPI provides the user with a credit foundation for such payments, allowing the user to repay the amount over time.
• Attractive rewards: Some credit cards provide rewards, cashback, or other benefits for utilising UPI transactions associated with the RuPay credit card, and customers can take advantage of these incentives.
• Convenient mode: Linking a credit card to UPI provides ease by allowing users to conduct smooth and speedy transactions. Users may make payments immediately using their credit cards, eliminating the requirement for actual cards. 
• Accepted widely: UPI is widely recognised across several platforms and retailers, making it easy for consumers to make payments using their associated credit cards.
• Real-time updates: Real-time updates improve the user experience by keeping them informed throughout the transaction process. Real-time updates improve user transparency by giving timely and relevant information.

How to secure your RuPay Credit Card UPI transactions?

• Pay only to businesses with QR codes or e-commerce retailers using a credit card via UPI.
• Your UPI PIN and credit card PIN must be different from each other to minimise potential security breaches.
• Never share your OTP and sensitive information without confirming another person’s identity.
• Enable two-factor authentication to maximise the security of your credit card and financial assets.

Conclusion

Taking the necessary precautions can boost your financial journey with UPI transactions using RuPay credit cards. Remember that security is a shared responsibility, and by being proactive and aware, you can actively protect your financial well-being in an increasingly digital environment.

It's not just about spending; it's about utilising the power of digital payments to create a more efficient and empowered financial experience. With RuPay credit cards and UPI transactions, you can stay informed, make sensible decisions, and embrace the future of digital money.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.