The Reserve Bank of India has now allowed the linking of credit cards with the payment system that allows instant payments in real-time. With this facility, more people will be able to pay through this app.
The Central Reserve Bank (RBI) on Wednesday announced the results of the monetary policy review. During this, there was an increase in the policy rate (Repo Rate Hike). At the same time, as usual, RBI Governor Shaktikanta Das announced some new changes and decisions. In this sequence, a new change is happening now. In order to further increase the reach and use of UPI i.e. Unified Payments Interface in the country, the Reserve Bank of India has now integrated credit cards (Credit Card Link to UPI) from the payment system that provides instant payments in real-time. Linking is also allowed. With this facility, more people will be able to pay through this app. Till now users could link their debit card with UPI. With this, they were able to make payments by linking their savings or current accounts.
Read More: Fans told the definition of a bikini, then Poonam gave a ‘sexy’ gift, See Sassy Poonam’s hot photos
Giving information about the bi-monthly monetary policy review, Governor Shaktikanta Das said that “… there is a proposal to link credit cards with UPI”. He said that it will start with the RuPay credit card issued by the RBI-promoted National Payments Corporation of India (NPCI). The facility will be available with the development of the system.
Das said the new system is expected to provide more options and convenience to customers for making payments through the UPI platform.
UPI has become a popular mode of payment in the country. About 26 crore users and five crore businessmen are connected to this platform. Das said that in the month of May, 594.63 crore transactions worth Rs 10.40 lakh crore were done through this platform. He said that with the facilitation of widening the use of Prepaid Payment Products (PPIs), the access of PPIs to the UPI payment system for payments has been facilitated.
Along with this, the RBI has also proposed to increase the limit of recurring payments through cards from Rs 5,000 to Rs 15,000.
