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RBI Guv Launches New Initiatives; Links UPI With Credit Cards
RBI believes that linking UPI with RuPay credit card will help in boosting the credit system and this can go a long way in increasing the trend of UPI
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Reserve Bank of India (RBI) Governor Shaktikanta Das, Nandan Nilekani and Vishwa Mohan Mohapatra on Tuesday introduced several new initiatives related to UPI at the Global Fintech Fest 2022.
Das has said that the facility of linking UPI with RuPay credit card is being given. This will help customers to make UPI payments using their credit cards. RBI believes that linking UPI with RuPay credit card will help in boosting the credit system and this can go a long way in increasing the trend of UPI.
Along with this, the QR code of RuPay credit card is going to help in increasing the acceptance. According to the information given by the Reserve Bank of India, the credit card will be linked to the UPI ID. With this, secure and reliable payment transactions can be done.
According to RBI, customers of Punjab National Bank, Union Bank of India and Indian Bank will first be able to make UPI payment with the help of RuPay credit card. For this, they will have to take the help of BHIM app.
It has become possible to transfer payment through UPI not only from savings account or current account but also from credit card. The new facility to make payments through UPI by scanning the QR code with RuPay credit card has now started. After this, users of RuPay credit card can easily make payments without swiping or typing the card in the POS machine, the RBI said.
Das has said that this will go a long way in increasing the UPI transactions in the country. Experts in the banking business say that with the convenience of the Reserve Bank, the market of RuPay credit card can increase up to 5 times. It is expected that soon the facility of payment through UPI can be started for Mastercard and Visa in addition to Rupay card.
Apart from this, upilite service has also been launched by RBI. This is to help in making payments even without internet connection which works with the help of OnDevice. The facility of cross-border transaction has been started under Bharat Bill Payment System. With the help of payment with the help of UPI Lite, you can transfer Rs 200 even without internet connection.
Balaji Jagannathan, Co-founder and Director, Paycorp.io said, "The key launch by RBI Governor linking RuPay credit cards with UPI payments is a much-needed push to the home-grown credit cards market, which will ultimately help in ease of payments. It reflects how fintechs have been able to bring credit right where it is needed and when it is needed. We will soon see all banks participate in acquiring RuPay cards as part of UPI, making the home grown RuPay the most sought after card of the consumer."