You Can Link Credit Cards With UPI Soon Starting With RuPay
UPI already offers transactions by linking savings/current accounts through users’ debit cards. The interoperability of PPIs has also facilitated access of PPIs to the UPI payment system for undertaking transactions. Yesterday, Shaktikanta Das, RBI Governor said that users can link credit cards to UPI soon.
“This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform,” said the governor.
. To start with, Rupay credit cards will be enabled with this facility and will be expanded to other cards. The new option to add credit cards in UPI apps will be available after the required system development is complete. Necessary instructions will be issued to NPCI separately.
Regarding the growth of UPI, the official release said:
UPI has become the most inclusive mode of payment in India. Currently, over 26 crore unique users and 5 crore merchants are onboarded on the UPI platform. In May 2022 alone, 594.63 crore transactions amounting to ₹10.40 lakh crore were processed through UPI.