RBI allows UPI payment by credit cards. Details inside!

Mumbai: The Reserve Bank Of India (RBI) on Wednesday allowed linking of UPI with Credit Card. However, this facility will be initially available for RuPay Credit Cards only.

UPI currently facilitates transactions by linking savings and current accounts through debit cards. Users will soon be able to do UPI transactions by linking it with their Rupay Credit Cards.

In the ‘Statement on Developmental and Regulatory Policies’ released after the bi-monthly monetary policy meet on Wednesday RBI said, “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 facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI separately,” the RBI statement added.

According to RBI, over 26 crore unique users and 5 crore merchants are onboard on the UPI platform currently. In May 2022 alone, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI. (UNI)