From Our Bureau
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday proposed to link credit cards to UPI platforms, beginning with Rupay cards, governor Shaktikanta Das announced in Mumbai as the monetary panel voted for another rate hike to control inflation.
At present, UPI facilitates transactions by linking savings or current accounts through users’ debit cards.
Das said the new arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platforms.
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 said.
In May, 594.63 crore transactions amounting to ₹10.40 lakh crore were processed through UPI, Das added.
