I use UPI every where. Even in a Small Pan Shop or in a Big Shopping malls, If i have a sufficient Bank account balance, then, i can pay your bills just by scanning a QR Code.
In case if i don’t have sufficient Bank balance, even though i can make Payment by scanning a QR code. i.e, using my UPI Credit Card.
Credit card has a great craze in people. You can do any UPI transaction through the Credit card but there are few exceptions everyone should know.
In this article, I am going to share with you 5 problems i faced with UPI Rupay Credit card. If you already have a UPI / Rupay Credit card, then, you must be aware of such problems before you face it.
Let’s get Started..!!
1. You Cannot pay Anyone with UPI
You can only do UPI transaction to the merchant only. But you cannot do a UPI transaction to anyone as your wish like to your Friends or Family or to your colleagues.
Simply, the Merchants who have individual UPI ID’s for those UPI ID’s Credit Card transaction is not possible i.e. Small merchants. Generally they use their Individual UPI ID for receiving amount, in such a case UPI Credit card or Rupay Credit card User payments will not be accepted.
It is one of the limitation.
2. You cannot Pay Small Merchants with UPI
Apart from this, the second limitation is that you cannot send money to every merchant through UPI transaction. Simply, the Credit card users cannot send money just by scanning a QR code or by putting Merchant UPI ID.
Because there is a category called P2PM i.e. Peer-to-Peer Merchant. Generally, Peer-to-Peer Merchants are Small merchants and their Income from UPI is usually less than Rs.50 ,000/- per month.
So you cannot transfer money through your UPI credit card for these merchants as well.
Also Read: UPI Transaction Limits per Day
3. You cannot receive payment with UPI
Apart from this, the third problem is that you select a default account for your bank account. And you have sent money to the merchant but for any reason if the merchant returned it, in such a case, you will not receive money in the credit card. Even if you have not selected your credit card’s UPI ID as default, you cannot receive money through your Credit card.
You can only send money to these merchants. And merchants should also be the Big merchants only who’s Income from UPI is usually more than Rs.50 ,000/- per month.
4. You Cannot transact in Demat Account
The fourth biggest problem is that you can’t invest your money in any Mutual Fund and also you can’t buy an IPO with these credit cards. Also, you can’t invest money in any DMAT account. e ATM is also being integrated into the UPI.
5. You Cannot withdraw money from ATM
The fifth problem is that you cannot take money from the ATM’s through these UPI Credit cards. So, this is the biggest worry with the Rupay credit card.
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Thanks for Reading 🙂
