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Credit card transactions on the Unified Payment Interface (UPI) have been introduced as a convenient payment alternative for enterprises. The implementation of this new feature enables businesses to accept credit card payments through UPI-enabled applications and platforms. Let us delve into how credit card transactions on UPI can work for enterprises.
Registration with a UPI-enabled application/platform: To accept credit card payments through UPI, businesses are required to register with a UPI-enabled application/platform. The most commonly used applications offering this service are Google Pay, PhonePe, and Paytm. In the registration process, businesses will have to provide fundamental information such as their name, phone number, and bank account details.
Connecting credit card details: After completing registration, businesses can link their credit card to the UPI-enabled application/platform by providing the card details, including the card number, expiration date, and CVV code.
Receiving payment requests: Customers can initiate a credit card transaction by sending a payment request to the business through the UPI-enabled application/platform. The payment request will include the amount to be paid and the business’s UPI ID or QR code.
Approving payment requests: Upon receipt of the payment request, the business can review and authorize the payment, which can be done by entering their UPI PIN or biometric authentication such as fingerprint or facial recognition.
Receiving payment: Once the payment is authorized, the business will receive the payment in its will-linked bank account. Depending on the UPI-enabled application/platform, the payment may be processed immediately, or it may take up to 2-3 business days to reflect in the account.
Enhanced convenience: Credit card transactions on UPI provide businesses with a convenient payment alternative that is easily accessible through popular UPI-enabled applications/platforms and is easy to use.
Faster settlement: UPI-enabled applications/platforms offer faster settlement times, enabling businesses to receive payments quickly and efficiently.
Lower transaction fees: Credit card transactions on UPI may have lower transaction fees than traditional credit card processing fees, which can save businesses money.
Reduced risk of fraud: UPI-enabled applications/platforms employ advanced security measures to protect against fraud, reducing the risk for businesses.
Limited acceptance: Despite the many benefits of credit card transactions on UPI, not all UPI-enabled applications/platforms support this feature, thereby limiting its acceptance among customers.
Technical issues: Like any new technology, credit card transactions on UPI may face technical issues such as payment failures or delays, which can impact business operations.
To summarize, credit card transactions on UPI offer businesses a convenient payment alternative that is easy to use and provides faster settlement times. Although there are some challenges, this new feature has the potential to revolutionize the way businesses accept credit card payments in India.