Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

RBI Proposes Credit Card Linking With UPI; RuPay Cards To Be Linked Initially

UPI transactions at present are linked to current and savings accounts of individuals through their debit cards

Photo Credit :

1589892172_FHqF6Z_UPI.jpg

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday proposed the linking of credit cards to UPI platforms, beginning with RuPay Cards.

UPI transactions at present are linked to current and savings accounts of individuals through their debit cards.

RuPay, the card network by the National Payments Corporation of India (NPCI), managed to capture a 60 per cent share of India’s card market in 2020, as per data released by the RBI. However, this is led by debit cards, while in the credit card space Visa and Mastercard continue to lead.

Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platforms. 

This new proposal will increase UPI's robust base and network. In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI, Das informed.

 



Tags assigned to this article:
credit cards UPI Payments