On Wednesday, the Reserve Bank allowed credit cards to be linked with the unified payments interface (UPI). The move will enable more and more people to make payments using the UPI platform.
“UPI facilitates transactions by linking savings or current accounts through users’ debit cards. It is now proposed to allow linking of credit cards on the UPI platform, to begin with, the RuPay credit cards will be linked to UPI,” RBI Governor said.
Till now, only debit cards connected to savings bank accounts and current accounts were allowed to link up to the UPI platform. But, now all the credit card holders will also be able to link their cards to UPI and make payments.
“In order to further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI. To start with Rupay credit cards will be enabled with this facility. This arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform,” the RBI Governor said in a statement.
With 26 crore users, UPI has emerged as one of the most popular payment systems in recent times. With this move, RBI aims to provide additional convenience to the users and enhance the scope of digital payments.
Users must know that the implementation of the above-mentioned rule will begin with the RuPay credit cards being allowed to be linked, followed by other card networks such as Visa and Mastercard.
Here’s how you can link your Credit Card with UPI Payment Apps
Step 1: Go to the payment app.
Step 2: Then click on your profile picture.
Step 3: After that, go to the payment methods section.
Step 4: You will see the “Add Credit/Debit Cards” option.
Step 5: Enter the card number, valid upto date, CVV, and cardholder’s name.
Step 6: Once these details are entered, click on save.