Mumbai: The Reserve Bank of India (RBI) has decided to allow linking of credit cards with Unified Payments Interface (UPI). The new decision will enable credit card users to make payments using the UPI platform.
UPI is the most used platform by Indian customers. At present, customers are allowed to use UPI transactions by linking savings or current accounts through users’ debit cards.
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In the initial stage, the Rupay credit cards will be enabled with this facility. Rupay credit cards are issued by the RBI-promoted National Payments Corporation of India (NPCI).
As per RBI data, UPI has more than 26 crore users and 5 crore merchants are on boarded on the platform. In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI.
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