Money & Banking
At present, UPI facilitates transactions by linking Savings/Current Accounts through Debit Cards of users
In what will add to the growing popularity of the Unified Payments Interface, the Reserve Bank of India has proposed linking of credit cards to UPI.
“To start with Rupay credit cards will be enabled with this facility,” RBI Governor Shaktikanta Das said on Wednesday.
At present, UPI facilitates transactions by linking Savings/Current Accounts through Debit Cards of users.
This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform, he further said.
This facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI separately.
The interoperability of PPIs has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das noted.
UPI users and transactions
UPI has become the most inclusive mode of payment in India, he further said.
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.