India’s central bank proposed integration between UPI and credit cards as a significant boost for a fast-growing payments protocol that has become the most popular way individuals in the South Asian market transact online.
Governor of Reserve Bank of India at a briefing, Shaktikanta Das says UPI facilitates transactions by linking savings or current accounts through users’ debit cards.
He says it is now proposed to allow the linking of credit cards on the UPI platform, to begin with, the RuPay credit cards will be linked to UPI.
UPI, a five-year-old payments protocol built by a coalition of retail banks, is the most popular way Indians transact money.