RBI Allows Linking of Credit Cards With UPI

New Delhi: The Reserve Bank of India (RBI) on Monday proposed to allow the linking of credit cards to the instant real-time payment system.

It will start with a RuPay card. At present, only savings and current accounts can be linked with UPI with the help of the user's debit card. However, after getting permission from the banker's bank, now the credit card too can be linked to UPI.

As per RBI, by linking the credit card with UPI, customers will get more convenience. However, it will not be implemented until necessary changes are made in the system. Apart from this, separate instructions will also be issued to the National Payments Corporation of India (NPCI).

''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 the UPI platform. This facility would be available after the required system development is complete," RBI stated.

RBI Governor Shaktikanta Das asserted that as of today, UPI is the most reliable and inclusive platform for payments in the country.

''It has 26 crore unique users and 50 million merchants are also associated with it. In the month of May, transactions worth 10.40 lakh crores were done with the help of UPI. Last month around 595 crore transactions were done,'' he added.

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