Credit card payment allowed with the help of UPI.
Reserve Bank Governor Shaktikanta Das said that now with the help of UPI, payment can also be made by credit card. At present, this facility will be started with Rupay credit card.
This is great news for credit card users. Reserve Bank of India credit card Link to UPI ,Link credit cards with UPI) is allowed. It started with Rupay card (RuPay Card) is being done. At present, only savings and current accounts can be linked with UPI. This work is done with the help of the user’s debit card. reserve Bank (RBI MPC MeetingNow the credit card can be linked with UPI after getting permission from RBI says that by linking the credit card with UPI, customers will get more convenience. It was also said that it will not be implemented until necessary changes are made in the system. Apart from this, separate instructions will also be issued to NPCI.
Talking to TV9 Bharatvarsh Invest today for tomorrow K Anant Ladha (Invest Aaj For Kal) said that with the introduction of this facility, you will be able to make payment by credit card with the help of UPI at any grocery store. Nowadays every shop has the facility of QR code for UPI payment. Users get an interest free period of about 50 days on payment by credit card. Apart from this, reward points are available separately. Anant also says that it is too early to talk more about it at the moment. If the credit card payment is done with the help of UPI, then from whom will the credit card company charge MDR, that is the big question. Clarity is needed on many issues right now.
260 million unique users of UPI
Governor Das said that as of today, UPI is the most reliable and inclusive platform for payments in the country. 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.
OTP is not required for recurring payment up to 15 thousand
Apart from this, the Reserve Bank has introduced auto debit i.e. recurring payment (Recurring paymentsThe limit for automatic payment has been increased from Rs.5000 to Rs.15000. This transaction is completed with the help of card or UPI. On October 1, 2021, RBI introduced recurring payment (recurring payment) with the help of credit card, debit card and UPI.Auto-debit mandates) for OTP authentication was required. As per the current rules, if a recurring transaction is done for less than Rs 5000, then one time authentication is required for this. After that it works in auto mode on monthly basis.