PAYTM is a fintech company providing financial services via the PAYTM app. There are a lot of services that PAYTM provides to the users one such service is UPI Payments.
UPI as you know is a revolutionary technology that made digital payments very easy and convenient for users to adopt in their daily life.
With the vision of the Government of India becoming reality, the government has further planned to increase UPI’s clout by introducing the UPI 2.0 concept.
In this concept, the internalization and integration of the UPI into some of the undiscovered areas of the economy will be done.
The introduction of the UPI in countries like the USA, UK, France, Bhutan, Nepal, Oman, etc. will ensure that the internalization of the UPI will be facilitated. Now, in the domestic market, NPCI has introduced credit card payments using UPI.
Traditionally, you would make credit card payments by swiping your card or entering card details on the online platform but, with this revolutionary step, you can now make payments for a credit card by using UPI.
How to Link your Credit Card with PAYTM UPI app?
With UPI 2.0, you can use your UPI Payment app to use your credit card for payments. You can follow these steps to make credit card payments using the PAYTM UPI app-
- Open your PAYTM app and login to your account using your login credentials
- Now, click on the image icon in the upper-left corner and click on the UPI and Payment setting
- After clicking on that, you’ll have to click on the new Bank Account button
- After clicking on the new Bank Account button, you’ll have to select the credit card issuer bank followed by enabling the app to send an SMS from your account
- An SMS will be sent to the UPI server and the credit card registration with the UPI network will begin
- After successfully verifying via SMS, you’ll have to enter the credit card details like Credit card number, expiry code, CVV, etc.
- Now, click on the next button followed by creating a login ID and UPI PIN which will be used for the transaction
- After setting up the transaction, your credit card account is connected to the UPI network and you’ll now be able to use the credit card payments via UPI pay.
FAQ
Yes with UPI 2.0, a credit card can be added to the UPI network and you can use the credit card via UPI. So, now you can make payments using your credit card by scanning the QR code and using other UPi methods.
UPI offers various options to the users for payments like QR code scan payments, VPA Payments, Account Number + Bank IFSC Code payments, and Payments via Mobile Number.
No, UPI Payment is free of cost and the Government has made it very clear that it will remain free in the future as well.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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