Soon, you will be able to link your credit card with UPI platform
PTI, Jun 8, 2022, 12:52 PM IST
Credit: iStock Photo
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.
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 Rs 10.40 lakh crore were processed through UPI, Das said.
The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty fall for 3rd day amid foreign fund exodus
Tomato prices to cool down soon, says Consumer Affairs Secretary
Markets fall after rising in opening trade amid unabated foreign fund outflows
Qualcomm to enter sub-Rs 10k smartphone segment with Xiaomi’s made in India 5G handset
Nifty 50 projected to reach 27,867 level in next 12 months: PL Capital
MUST WATCH
Latest Additions
New ‘Lady Justice’ statue in SC library without blindfold and sword
Gap between action and words: India slams Trudeau’s ‘One India’ remarks
Caste Census: CM Siddaramaiah to hold key meeting on Oct 20
Veteran Bengali actor Debraj Roy dies at 69
Bengaluru Kambala 2024 remains uncertain; Preparations yet to begin
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.