Business News Desk, RuPay credit card holders will see an upgrade in the rewards and benefits they get for UPI transactions from September 1. This change follows the new instructions of the National Payments Corporation of India (NPCI), which aims to make the reward system uniform across different payment systems. NPCI has given new instructions to all banks issuing RuPay credit cards. NPCI has said that banks should take care that the reward points, benefits, features and other offers of RuPay credit cards on UPI transactions are not reduced. NPCI has told banks that there should be no difference in the facilities given to RuPay card and other credit card customers.
What is changing from next month?
From September 1, RuPay credit cards will offer the same reward points and benefits for UPI transactions as they do for other types of credit card transactions. This means that card holders will no longer face a difference in rewards when using their RuPay credit cards for UPI payments.
Why this change?
NPCI’s recent circular highlights the important role of reward points in promoting credit card usage. It found that RuPay credit cards were getting different rewards and benefits for UPI transactions compared to traditional credit card transactions. To rectify this situation, NPCI mandated that all banks ensure that RuPay credit cards offer the same rewards, benefits and features for UPI transactions, except in cases where banks do not receive interchange fees.
NPCI’s instructions
The purpose of NPCI’s directive is to promote fairness and competition among credit card providers. Through this decision, NPCI intends to make RuPay credit cards more attractive and promote their use in digital payments.
Impact on consumers
For consumers, this means that using RuPay credit card for UPI transactions will now provide the same advantage. Obviously, this move will greatly benefit RuPay credit card users, which will help make this card more attractive.
