<p>The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.</p>.<p>At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/rbi-hikes-repo-rate-by-50-bps-to-490-raises-inflation-forecast-to-67-1116304.html" target="_blank">RBI hikes repo rate by 50 bps to 4.90%, raises inflation forecast to 6.7%</a></strong></p>.<p>"…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.</p>.<p>He said that to start with Rupay credit cards issued by the RBI-promoted National Payments Corporation of India (NPCI) will be enabled with this facility, and the facility will be made available after system developments.</p>.<p>Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform.</p>.<p>UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, he added.</p>.<p>In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI, Das said.</p>.<p>The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das said. </p>
<p>The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.</p>.<p>At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/rbi-hikes-repo-rate-by-50-bps-to-490-raises-inflation-forecast-to-67-1116304.html" target="_blank">RBI hikes repo rate by 50 bps to 4.90%, raises inflation forecast to 6.7%</a></strong></p>.<p>"…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.</p>.<p>He said that to start with Rupay credit cards issued by the RBI-promoted National Payments Corporation of India (NPCI) will be enabled with this facility, and the facility will be made available after system developments.</p>.<p>Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform.</p>.<p>UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, he added.</p>.<p>In May, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI, Das said.</p>.<p>The interoperability of prepaid payment instruments (PPIs) has also facilitated access of PPIs to the UPI payment system for undertaking transactions, Das said. </p>