RBI UPI
Reserve Bank of India allows credit card linking with UPI
Mumbai: The Reserve Bank of India (RBI) on Wednesday announced that credit cards will be linked to the UPI accounts.
The implementation will begin with RuPay credit cards, RBI Governor Shaktikanta Das announced in his monetary policy speech.
"UPI has become the most inclusive mode of payment in India with over 26 crore unique users and 5 crore merchants on the platform. In May 2022 alone, about 594 crore transactions amounting to ₹10.4 lakh crore were processed through UPI," he said.
"At present, UPI facilitates transactions by linking savings or current accounts through users’ debit cards. It is now proposed to allow linking of credit cards on the UPI platform. To begin with, the Rupay credit cards will be linked to the UPI platform. This will provide additional convenience to users and enhance the scope of digital payments,"' he said.
Until now, customers were allowed to link their debit cards to UPI.
(With UNI inputs)
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