RBI allows credit card to be linked with UPI payments, this will affect consumers.
If you are a regular UPI Payment Holder or Credit Card Holder then this news is for you. The Reserve Bank of India (RBI) on Wednesday proposed linking credit cards with UPI payments. Governor Shakti Kanta Das has said this. Announcing the hike in repo rate, RBI Governor Das said RuPay credit cards would be linked to the UPI platform. This will provide additional convenience to customers and expand the scope of digital payments. Speaking on UPI payments, RBI Governor Das said, “UPI has become the most efficient payment method in India with over 260 million unique customers and 50 million merchants. The growth of UPI has been unprecedented in recent years. “Many other countries are joining in. We are adopting similar methods in their countries,” Das said. UPI has made it easier to access the payment system. So far only debit cards have been linked to UPI.
RBI explains the benefits of linking credit cards to UPI payments.
The RBI said in a statement that the RuPay credit card would be linked to the UPI platform. This will provide additional convenience to customers and expand the scope of digital payments. The RBI Governor said that Rupee Credit Card issued by RBI through National Payment Corporation of India (NPCI) will be activated with the launch of this facility, and it will enhance the system. Will be available later. RBI Governor Das said the new arrangement was expected to provide more opportunities and convenience to consumers to make payments through the UPI platform. Das said that in May, 594.63 crore transactions worth Rs 10.40 lakh crore were cleared through UPI.
– Tamil Bandyopadhyay (@TamalBandyo) June 8, 2022
UPI is great with a credit card. I’ve always wanted that. UPI facility but with credit card instead of bank account. #rbipolicy
– Anupam Gupta (@ b50) June 8, 2022