RBI allows linking credit cards with UPI: Here’s what you need to know

RBI Governor Shaktikanta Das said that Rupay credit cards will be linked to the UPI platform to begin with.

credit card upi linking, upi credit card linking

Currently, UPI facilitates transactions by linking savings/current accounts through users’ debit cards. (Representative image: Pixabay)

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday allowed the linking of credit cards on the UPI platform.

During his speech where the central bank chief announced a 50 basis points (bps) hike in the repo rate to curb the rising inflation, Das announced this key regulatory measure which is likely to benefit most credit card holders in the future.

Das said that to begin with, Rupay credit cards will be linked to the UPI platform and this will provide additional convenience to users and enhance the scope of digital payments.

Story continues below this ad

Currently, UPI facilitates transactions by linking savings/current accounts through users’ debit cards.

Speaking about the UPI platform the RBI governor said “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and 5 crore merchants on the platform. In May 2022 alone, about 594 crore transactions amounting to Rs 10.4 lakh crore were processed through UPI…It is now proposed to allow linking of credit cards on the UPI platform.”

Hamas under pressure to respond to Gaza peace plan as Trump says will give ‘three or four days’

Trump gives Hamas 3-4 days to accept Gaza peace plan, with a warning

10 hr ago

US President Donald Trump has given a tight deadline to Hamas for accepting his Gaza peace plan, warning of a “sad end” if if they refuse to accept the conditions. Palestinian militant group Hamas is yet undecided on whether to accept the peace deal proposed by US President Donald Trump on Monday.

View all shorts

Live Blog

PHOTOS