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Now RBI will let you link your credit card with UPI

The Reserve Bank of India, today announced that UPI (Unified Payment Interface) users will now be able to link their credit cards with their UPI accounts for UPI transactions, which have become one of the most popular methods of secure payments in the recent past. Previously, users could only link their current or savings accounts through their debit cards. See details below right.

RBI now allows credit card linking with UPI

Citing rising inflation in the country, the Reserve Bank of India (RBI) today made some significant changes in its monetary policy. In an official press release, among various other things, the RBI mentioned that Indian citizens will now be able to link their Rupay credit cards with their UPI accounts to make credit payments through the platform. Support for other credit cards is expected to be added, moving forward.

“At present, UPI facilitates debit card transactions by linking users' savings/current accounts. It is now proposed to allow credit card linking on the UPI platform. Initially, Rupay credit cards will be linked to the UPI platform. This will provide additional benefits to users and increase the scope of digital payments," the official press release said.

In a press release, RBI Governor Shaktikanta Das said that in May 2022 alone, around 594 crore UPI transactions, amounting to Rs 10.4 lakh crore, were processed. Additionally, earlier last month, we saw UPI record the highest volume of transactions in India, and it's only growing.

Due to the growing popularity of the platform, RBI believes that by linking their credit cards to their UPI accounts, users will be able to expand their payment options.

For those who don't know, India is massively supporting UPI transactions and encouraging citizens to use the platform more by introducing new UPI-centric services. For starters, we saw the government earlier this year launch the 123Pay UPI service for feature phones that work without an active internet connection. Next, we saw NPCI announce an on-device UPI Lite offline wallet in India.

So, what do you think about the new credit card linking feature for UPI? Do you think it will increase the reach of UPI payments in the country?

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