The Reserve Bank of India (RBI) announced on June 8 that credit cards will be allowed to be linked to UPI payments. Paytm’s Founder and CEO, Vijay Shekhar Sharma, said the decision would be a good incentive for digital UPI payments. In order to convey the Reserve Bank’s decision, Twitter took to the stage. The RBI had previously decided to extend this facility to credit cards issued in rupees.
UPI – Credit Card:
The abolition of large denomination notes in the country’s economy ushered in a technological revolution. Payments made online, in particular, have risen at an unexpected rate. Rural areas now have access to UPI payments. Even if you buy groceries at the store payments via UPI are awaited by the people of the country. However, there has been another significant advancement in UPI payments. Credit cards can now be linked to UPIs, thanks to the Reserve Bank of India. This will make transactions go more smoothly. Governor of the Reserve Bank of India (RBI) Shaktikanta Das made the announcement on Wednesday. He stated that it would begin with a Rupee credit card. Customers currently use UPI to add debit cards, savings accounts, and current accounts to their accounts. Now that the facility is available, linking credit card to UPI transactions are going to be much easier.
The process
Payments can be made without having to swipe at a POS machine by adding one’s credit or debit card to UPI apps. To make a payment, simply scan the QR code and select the credit or debit card that has been added. After initiating payments with a debit or credit card through the UPI app, you will receive a one-time password (OTP) to complete those transactions to your registered mobile number. Payments will be made in accordance with this.
