Wow! RBI Allows RuPay Credit Card Transactions on UPI

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The Reserve Bank of India (RBI) authorized RuPay credit cards linked to the UPI network on Wednesday.

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The main goal of integrating credit cards into UPI is to give clients more payment options.

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UPI is currently linked to debit cards and bank accounts. You can now link your credit cards together.

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For starters, the regulator has approved the use of RuPay credit cards for this service.

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As of April 22, 2022, the total credit outstanding on credit cards was over Rs.1.5 lakh crore.

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Credit cards are helpful for two things: making quick payments and obtaining short-term liquidity

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The widespread acceptance of UPI has demonstrated its value, and bringing the same

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Convenience to credit access might be a watershed moment for credit penetration in India

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