We live in an era when any payment can be made with just a few taps on the mobile phone. With just one click, all payments can be made instantly through UPI apps. After each transaction, you get a notification, and you can easily track the payments.
Now, with options to manage the Credit Card digitally, making purchases and monitoring the borrowing have become easier. Understanding mobile credit management is important for anyone who wishes to go cardless.
Two ways of managing credit through the mobile app
Apart from allowing you to transfer money from your bank account, a UPI app also helps to manage purchases on credit in two different ways. One is by letting you link your Credit Card to the app or by applying for a digital card. Getting to know how each of these works and their benefits will help you choose the right option.
How does a Digital Credit Card work
When you apply for a UPI app’s designated Credit Card, it instantly issues a digital card. This lets you make online purchases or pay utility bills without waiting for a physical copy. It can easily be synced with the UPI app, allowing you to pay merchants by credit just by scanning QR codes.
Steps to apply for a digital card
By following these steps, you can easily apply for Credit Card online and start spending on credit.
- Make sure you are eligible to apply.
- Download or update the UPI app.
- Click on the option to apply for the card.
- Enter any required details like your employment status or income.
- Upload the necessary documents and complete the video KYC if asked for.
- Choose your Credit Card variant.
- Once approved, they can be used immediately.
Benefits of a Digital Credit Card
Understanding the benefits will make it easier to opt for an instant Credit card.
Some benefits of these cards are:
- Cashbacks on select transactions
- Easy management of the card through the app
- Your choice of card design and billing cycle
- EMI options that let you shop now and pay later
- Quick approval that lets you spend immediately
Linking your existing Credit Card to the UPI app
You can easily link your existing card for free instantly and retain the benefits the card offers. Here are the steps to link your card to the app:
- Log in to the UPI account.
- Go to the ‘Accounts and Cards’ option and select ‘Add New’
- Choose the Credit Card option and select your bank card to link.
- If you are a new user, set up a UPI pin to make payments.
- Now you can easily track your transactions and manage the card through the app.
You can now make quick payments, and the card details remain safe.
Conclusion
Digital banking is the best alternative to carrying cash or Credit Cards. They help you make any payment with just a tap. With a digital Credit Card option, you can easily pay merchants, track your expenses, avail discounts or cashbacks, and manage your card all in one place.
