Now you will be able to make UPI payment with credit card, know every special thing related to it

According to the data of National Payments Corporation of India, a total of 6.57 billion UPI transactions were done during August this year. Whereas in July last month, this figure was 6.28 billion.

Now you can make UPI payment with credit card also

The trend of digital transactions is increasing rapidly in the country. Credit cards and UPI have played the biggest role in this. Despite this revolution, there was no option to link the credit card with UPI till now. But now you are not going to regret it. RBI has solved this problem. There is good news for credit card and UPI users. RBI has Rupees The credit card has been launched on UPI and UPI LITE network. After this decision, now UPI payment can also be done through credit card.

Launched feature

It was launched by RBI Governor Shaktikanta Das at the Global Fintech Fest in Mumbai in the presence of Nandan Nilekani, Advisor, NPCI. At present, there was a facility to use UPI only through debit card. Although this facility is currently started by Union Bank of India, Punjab National Bank and Indian Bank. Meaning, these are the three banks that are providing the facility to link Rupay credit cards with UPI. NPCI i.e. National Payment Corporation of India, which is developing UPI, said that this will benefit both the customer and the merchant.

The scope of the credit ecosystem will increase

The linking of RuPay credit cards with UPI will greatly expand the scope of the credit ecosystem. NPCI said that the RuPay credit card will be linked to a virtual payment address that enables secure and secure payment transactions. Here, apart from Rupay credit card, UPILite service has also been launched by RBI. This will be for low value transactions which will work with the help of on-device wallet. With the help of UPI Lite, customers will be able to make payments even without internet. With UPI Lite, you can transfer the amount up to Rs 200 without internet. Payment through UPI is also possible with RuPay credit card. With the help of Cross Border Bill Payment System, bill payment can be done in India while living abroad.

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Transactions are increasing continuously

Apart from this, the facility of cross border transaction has also been started under Bharat Bill Payment System. Now let’s talk about the increase in UPI transactions. According to the data of National Payments Corporation of India (NPCI), a total of 6.57 billion UPI transactions were done during August this year. Whereas in July last month, this 6.28 billion UPI transactions were done. 5.86 billion transactions took place in June 2022. Recently, Union Finance Minister Nirmala Sitharaman said that UPI-based transactions are expected to reach one billion per day in the next five years.