PhonePe – When will you enable UPI Via RuPay Credit Cards at your merchants?

 PhonePe – When will you enable UPI Via RuPay Credit Cards at your merchants?

**Revolutionizing Payments with RuPay Credit Cards on UPI**

In today's fast-paced digital age, seamless and secure payment solutions have become essential for both consumers and merchants. RuPay Credit Cards on UPI are set to transform the credit card experience, offering a host of benefits to users and businesses alike.

          "Unlocking the Benefits of Linking RuPay Credit Cards with UPI"

Discover how to link your RuPay credit card for UPI payments on PhonePe with these simple steps:

1. Start by tapping your profile picture on the PhonePe app's home screen.

2. Navigate to 'RuPay Cards on UPI' in the payment settings section.

3. Select the bank that issued your RuPay credit card and tap 'Proceed to Add.'

4. Enter the last 6 digits of your card number and set your UPI PIN.

5. Verify by entering the OTP sent to your registered number.

6. Choose a new UPI PIN (4 or 6 digits).

7. Re-enter the UPI PIN for confirmation.

However, please note that while these steps facilitate the linking process, PhonePe has not yet enabled RuPay Credit Cards for offline merchant transactions.

PhonePe's Business Solutions for Offline Merchants: Join the 3.5 crore stores already benefitting from PhonePe's innovative payment solutions. Whether you run a small kirana store or manage a large supermarket or showroom, PhonePe has you covered.

          PhonePe's mission is to make life easier through seamless cashless transactions, and PhonePe is dedicated to tailoring a wide range of payment solutions to fit merchants' unique business size and sales volume.

 

Yet, the lingering question remains: Why hasn't PhonePe enabled RuPay Credit Cards for its offline merchants?

 

Additional Reading: PhonePe becomes first payment app to link 2 lakh Rupay credit cards to UPI dt:May 25, 2023 @ https://www.cnbctv18.com/personal-finance/phonepe-becomes-first-payment-app-to-link-two-lakh-rupay-credit-cards-to-upi-16767201.htm

Link to my blog @ https://innovationinbanking.blogspot.com/2023/11/request-to-lulu-hypermart-unlock-power.html

 

Disclaimer: I'm solely focused on promoting the joy of Safe ePayments through UPI, without any affiliation to specific UPI payment apps.

Let's grow the ecosystem together.

  

 

 

Incentivise credit or debit card transactions in India – Simple not complicated process required

Taking a leaf from other countries strategies to boost CashLess transactions, Shri Jaitley said the following while presenting the Indian Union Budget 2015.

“One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RuPay debit card, I, therefore, propose to introduce soon several measures that will incentivise credit or debit card transactions, and disincentivise cash transactions.”

Briefly the following are a few examples on nation's journey in the CashLess path.

Thailand: During the last quarter of 2012, the apex bank of Thailand observerd that the number of transactions through debit cards was on the increase. On a detialed analysis, it was observed that the majority of the transactions were for cash withdrawal and not for goods and service purchases.

To shift the transactions from cash mode to goods/services purchases , Bank of Thailand embarked on a major publicity drive. This strategy has paid off and slowly but steadily the share of good/services purchases via Debit/Prepaid Cards is on the increase.

Korea: Korea adopted a different strategy to boost goods/services purchases through eTransaction modes especially credit/debit/prepaid cards. The strategy has been so successful that it is referred to most nations who want to reap the benefits of CashLess transactions.

To reduce the chances of credit card traps i.e over purchasing/impulsive buys, Korean government reduced tax deductions on credit card transactions and increased tax deductions for debit and prepaid cards.

CashLess in Korea account for 70% of the value of all consumer payments. Korea's journey to the CashLess society begun 20 years ago.

United States of America: In USA, the Internal Revenue Service (IRS) has specific tax rules to encourage payment of taxes electronically, especially credit cards.

These rules are applicable to both individuals and businesses. For example, one can deduct credit and debit card fees incurred if you paid your individual federal income taxes electronically. Another deduction is available if a credit card company imposes fees on a business for the service of processing charged sales. If there is business credit card, there are qualifications for deductions based on annual fees and late fees charged by your provider.

The deductions were necessary as the credit/debit card issuance institutions or aggregators charge for the services provided. The Internal Revenue Service, or IRS, offers electronic payment systems for tax purposes, but other federal laws prohibit the IRS from directly paying any of the fees associated with debit or credit transactions. The IRS created a deduction in 2009 to offset the fee assessed by your credit card company when you make electronic tax payments. T

Gayatri Co-operative Urban Bank (Karimnagar) joins IMPS

      

      The Gayatri Cooperative Urban Bank with its Head Office in Jagtial-Karimanagar has joined the IMPS (Instant Payment Channel)  ePayments channel.

            The bank has branches at "Jammikunta", "Korutla", "Vemulawada" & Karimnagar", "Mancherial" "Nizamabad" and "Metpally"

            The Bank also provides ATM services and Debit Card services through RuPay Debit Card.

            Vemulwada is best known for  Sri Raja Rajeshwara Swamy Temple complex.

Jammikunta name is derived from the word "Dammekunte", a combination of Sanskrit and kannada word.  "Damme"(Sanskrit word) means Lotus and "kunte" (Kannada word) means pond. Hence the very name of the village meaning is Lotus Pond.

Jagtial town is famous for its fort. The fort was constructed with the help of two French Engineers, namely Mr.Jack & Mr.Tal, so the name of the town  at that time was JACKTAL and gradually it became Jagtial and in Telugu language they write it Jagityala.

Magic will be witnessed on 15/08/2014 in ePayments - SVS

            Modi’s grand vision of Financial Inclusion will be officially unveiled on August 15, 2014 by the Prime Minister Narendra Modi.

            The plan is titled as “SAMPOORN VITTEEYEA SAMAVESHAN”

            The highlights of this Comprehensive Financial Inclusion Plan are as under:

• Providing Basic Banking accounts to all families and to all beneficiaries of Government schemes by March 2016.

• Financial Literacy Programme is to be given a push and to be extended upto the Block level. It would give advantage to the Banks to train BCs and FI beneficiaries for ensuring its deep rooted reach at the grass root level.

• Under SAMPOORN VITTEEYEA SAMAVESHAN (SVS), the respective Bank accounts will also be ATM enabled.

• Delivery of India’s own indigenous pre-activated Rupay Card will be an important component of account activation.

• There is a provision of Rs.5000/- as overdraft facility through debit card to every basic banking account holder on completion of financial literacy training.

• The suggested remuneration to reach the BC Agent would be minimum Rs.5000/-.

• Under Urban Financial Inclusion, urban households are also to be covered. SLBC will arrange allocation of wards under the Municipality/Municipal Corporation to member Banks.

• Mapping of each district into Sub-Service Area catering to one thousand five hundred (1500) households so that every habitation have access to banking services within 5 kms by September 2015 except hilly ,tribal, forest & desert areas.

As the pace of accounts opening pickups, transactions too will reflect in the accounts. This would in translate into volumes for eTransactions.