RBI proposes to link credit cards with UPI

Tags: Economy/Finance

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.

  • About UPI

  • 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.

  • for more update please visit news of 23 april

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