RBI Allows Linking Credit Cards With UPI for Easy Transaction, to Start With RuPay

UPI has become the most inclusive mode of payment in India, with over 26 crore unique users.

By Press Trust of India | Updated: 8 June 2022 12:01 IST

Photo Credit: Reuters

UPI has over 26 crore unique users and 5 crore merchants onboarded on the platform

Highlights

The RBI has allowed credit cards to be linked with UPI apps
Previously, customers could only link their debit cards
Initial support for NPCI issued RuPay credit cards has been announced

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform. At present, UPI facilitates 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.

He 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.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform.

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, he added.

In May, 594.63 crore transactions amounting to around Rs. 10,40,000 crore were processed through UPI, Das said.

WhatsApp Starts Sharing 'Legal' Names of Users Making Payments in India

The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das said.

How is Alexa faring in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.