 "RBI allows credit card users to link RuPay cards with UPI platform: All you need to know")
New Delhi: The Reserve Bank of India (RBI), on Wednesday, announced that now customers will be allowed to link their credit cards with UPI (unified payments interface), in what could be a major development related to the UPI ecosystem. The move will enable credit card users to make payments using the UPI platform, which has been widely used by banking customers in India. As of now, customers are allowed to use UPI transactions by linking savings or current accounts through users' debit cards.
“It is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.
Das said that to start with Rupay credit cards issued by the RBI-promoted National Payments Corporation of India (NPCI) will be enabled with this facility, and the facility will be made available after system developments.
He added that the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform.
At present, there are more than 26 crore UPI users in the country, making it one of the most inclusive payment modes in the country. “UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform,” Das said. Also Read: Good news for home loan borrowers, RBI increases housing loan limit of cooperative banks and rural cooperative banks by 100 percent
Das said that 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI in May 2022. The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, he added. Also Read: Supertech's 40-storey twin towers in Noida demolished on August 21
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