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With over 26 crore unique users and 5 crore merchants onboarded UPI trends on becoming the most inclusive payment mode in all over India. On wednesday,The Reserve Bank allowed credit cards to be linked with the unified payments interface (UPI), enabling more people to make payments using the popular platform. With its present concerns UPI facilitates transactions by linking savings or current accounts through users’ debit cards. RBI Governor Shaktikanta Das, with the bi-monthly policy review, proposes to allow linking of credit cards to UPI announcing the regulatory moves.
He was asked to begin with RuPay credit cards issued by the RBI-promoted National Payments Corporation of India (NPCI). Users will be enabled with this facility after system developments.
Newly, arrangements undergoes expected avenues and convenience to the customers in making payments through the UPI mode of payment.
Das recalled, that around May 594.63 crore transactions amounting to around Rs.10,40,000 crore were processed through UPI.
The interoperability of prepaid payment instruments (PPIs) offered facilitated access to the UPI payment system for undertaking transactions.
