HomeIndustryUnion Bank of India launches credit card on UPI and UPI Lite

Union Bank of India launches credit card on UPI and UPI Lite

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Union Bank of India is the pioneer Bank to launch Credit Card payment through UPI and UPI Lite. This was launched in Mumbai by RBI Governor Shaktikanta Das in the presence of  Nandan Nilekani, advisor to NPCI at a Global Fintech Fest.

With the launch of UPI Credit Card, Union Bank Rupay Credit Card holders can now seamlessly make UPI payments to merchants through BHIM app. Also, Customers can Scan UPI QR code of merchants and make payment using his Credit Card. At present, the functionality is enabled on BHIM App of NPCI for Union Bank Rupay Credit Card holders. Shortly the product will be enabled for other UPI apps in the payment ecosystem.

With the launch of UPI Lite, Union Bank Customers can make small UPI payments (up to 200) without UPI PIN. This feature is at present enabled on NPCI BHIM App. Once the existing UPI customer opts in for the UPI Lite, a replenishable value of maximum 2000/- is created from the Customer’s account. This will give an extra edge to the Customers by offering near to NIL transaction failure even at peak hours. Customers can also perform unlimited transactions in a day using UPI Lite.

On Tuesday Union Finance Minister Nirmala Sitharaman  said UPI-based transaction is expected to reach one billion per day in the next five years. Addressing an event organised by the industry body FICCI, Sitharaman said, data released by NPCI shows that UPI reported 6.28 billion transactions worth 10.62 trillion in July 2022.

“Substantial growth is being seen in transactions on a monthly basis.UPI aims to process one billion transactions a day in the next five years,” she said.

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