Credit card (Credit Card) This is good news for users. Reserve Bank of Indiaa (RBI) Credit card UPI Allowed to link to Its beginning RuPay Being done with the card. Currently, only savings and current accounts can be linked to UPI. This is done using the user’s debit card. Credit cards can now be linked to UPI after getting permission from the Reserve Bank. RBI says linking credit cards with UPI will provide more convenience to consumers. It was also stated that the system would not be implemented unless necessary changes were made. Apart from this, separate instructions will also be issued to NPCI.
Speaking to TV9 Bharatvarsha, Anant Ladha of Invest Aaj For Kal said that with the launch of this facility, you will be able to make credit card payments at any grocery store with the help of UPI. Nowadays every shop has the facility of QR code for UPI payment. Users get an interest-free period of about 50 days when paying by credit card. Apart from this Reward Points are available separately. Anant also says that it is too early to talk about this right now. If credit card payments are made using UPI, the big question is from whom the credit card company will charge MDR. There is a need for clarification on many issues right now.
26 crore unique users of UPI
RBI Governor Das said that to date, UPI is the most reliable and inclusive payment platform in the country. It has 260 million unique users and 50 million merchants. 10.40 lakh crore transactions were made in May with the help of UPI. About 595 crore transactions were made last month.
OTP is not required for recurring payments up to Rs 15,000
Apart from this, the Reserve Bank has increased the limit of automatic payment for auto debit i.e. recurring payment from Rs 5,000 to Rs 15,000. This is done using a transaction card or UPI. On October 1, 2021, the RBI made OTP authentication mandatory for recurring payments using credit cards, debit cards and UPIs. Under current rules, if a recurring transaction is made for less than Rs.5000, a one-time authentication is required. It then operates in auto mode on a monthly basis.
. Source