Quick Summary
Unified Payments Interface (UPI) - Linking of RuPay Credit Cards
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. At present, UPI facilitates transactions by linking savings/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.
FAQ :
The RBI has announced that credit cards can now be linked to the Unified Payments Interface (UPI) platform.
Initially, only RuPay credit cards will be linked to the UPI platform.
UPI (Unified Payments Interface) is a payment system in India that has over 26 crore unique users and 5 crore merchants, processing a significant number of transactions.
Currently, UPI facilitates transactions by linking savings or current accounts through users' debit cards.
Linking credit cards to UPI will provide additional convenience to users and enhance the scope of digital payments.
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