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Friday, December 2, 2022
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RBI proposes new initiative; Allows credit cards to be linked to UPI

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The Reserve bank of India proposed a new initiative that allows credit cards to be linked to a system of real time payment.

As per reports, the payment shall start initially with a RuPay Card. At present accounts linked to savings and current will be linked with the help of a user’s debit card.

RBI

RBI to link credit cards with UPI

Shantikanta Das, who is the Governor of RBI said that the UPI is one most trusted and reliable sources of payments in the country. The Governor further added, “It has 26 crore unique users and 50 million merchants are also associated with it. In the month of May, transactions worth 10.40 lakh crores were done with the help of UPI. Last month around 595 crore transactions were done.”

RBI

Also Read : RBI likely to use images of Rabindranath Tagore, APJ Abdul Kalam On Banknotes, 2022

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