RBI proposes to link credit cards with UPI
The Reserve Bank of India has proposed to allow linking of credit cards with Unified Payments Interface (UPI).
RBI Governor Shaktikanta Das said that the integration will first start with the indigenous RuPay credit card.
Both RuPay and UPI are managed by the same organisation, National Payments Corporation of India (NPCI).
Significance of this move
The linkage of UPI and credit cards may result in increased usage of credit cards in India.
It also opens the way to build credit on UPI through credit cards in India.
As of now, UPI has been linked only with debit cards and bank accounts.
This will provide additional convenience to the users and widen the scope of digital payments.
Unified Payments Interface (UPI) is a single platform that integrates various banking services and facilities under one umbrella.
It is developed by National Payments Corporation of India (NPCI).
The names of the top UPI apps currently are – PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.
NPCI launched UPI in 2016 with 21 member banks.
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