RBI Allows Credit Card Linking With UPI, Will Start With Rupay Cards

Wednesday, 8 June 2022newsdesk

In order to further deepen the reach and usage of Unified Payments Interface (UPI), Reserve Bank of India on Wednesday proposed to allow linking of credit cards to the instant real-time payment system.

New Delhi, 08 June 2022

As per news report of NDTV, "To start with Rupay credit cards will be enabled with this facility. This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform. This facility would be available after the required system development is complete," RBI stated. Necessary instructions will be issued to National Payments Corporation of India (NPCI) separately, it added. Currently, UPI facilitates transactions by linking savings or current accounts through users' debit cards. 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, RBI governor Shaktikanta Das said.

Source -NDTV