The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.
“it is proposed to allow linking of credit cards to UPI,” RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.
RUPAY CREDIT CARDS
The RBI Governor said that to start with Rupay credit cards issued by the RBI-promoted National Payments Corporation of India (NPCI) will be enabled with this facility, and the facility will be made available after system development.
“In order to further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI. 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,” the RBI Governor said in a statement.
This facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI separately,” the RBI Governor said.
Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform. UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboard on the platform, he added.
In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI, Das said. The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das said.
HOW TO LINK CREDIT CARD WITH PAYMENT APPS
– You need to go to the payment app.
– Then you need to click on your profile picture.
– After that, go to the payment methods section.
– You will see the “Add Credit/Debit Cards” option.
– You need to enter the card number, valid upto date, CVV, cardholder’s name.
– Once these details are entered, click on save.