Recently the Reserve Bank has authorised credit cards to be linked to the unified payments interface (UPI), allowing more people to use the popular platform to make payments. Currently, UPI allows transactions by linking customers’ debit cards to their savings or current accounts. Now that the RBI has allowed credit card payments using UPI, here’s how to link your credit card to UPI.
According to Das, the new arrangement will provide clients with greater options and ease when making payments using the UPI platform. The RBI Governor stated that this option will be enabled first on Rupay credit cards issued by the RBI-backed National Payments Corporation of India (NPCI). It will be made available following system development. The RBI Governor stated that “necessary instructions will be issued to NPCI separately.”
The RBI Governor stated, “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 arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform.”
According to Das, the interoperability of prepaid payment instruments (PPIs) has made it easier for PPIs to use the UPI payment system to conduct transactions. With over 26 crore unique users and 5 crore merchants onboarded, UPI has become India’s most inclusive mechanism of payment, he noted. UPI processed 594.63 crore transactions in May, totalling roughly Rs 10,40,000 crore, he further stated.
The main benefit of UPI is that it is widely accepted across the country. With this move now businesses can accept payments with a QR code or a registered mobile number, whereas credit cards require PoS (Point of Sale) terminals.
How to link your credit card to UPI?
- Firstly you must navigate to the payment or UPI app that you are currently using.
- After that, you must select your profile image.
- Then navigate to the section on payment methods.
- Select “Add Credit/Debit Cards” from the drop-down menu.
- You must input the card number, which must be current, the CVV, and the name of the cardholder.
- When you’ve finished filling out these fields, click Save.
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