New Delhi: Here is a good news for Credit card users, the Reserve Bank of India on Wednesday allowed linking of UPI with Credit Card. However, this facility will be initially available for RuPay Credit Cards only. Currently, the users can only link their savings and current accounts with UPI using their debit cards.
According to the RBI, over 26 crore unique users and 5 crore merchants are onboarded on the UPI platform currently. In May 2022 alone, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI.
What RBI Said In Its Statement?
In the ‘Statement on Developmental and Regulatory Policies’ released after the bi-monthly monetary policy meet today, the central bank said, “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.”
RBI expects that this arrangement will provide more avenues and convenience to the customers in making payments through UPI platform.
“This facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI separately,” the RBI statement said.
