Linking RuPay credit cards with the unified payments interface (UPI) infrastructure will open up newer merchant avenues for RuPay customers to use their card, while merchants can benefit from the increase in consumption by being part of the credit ecosystem, PPBL said.
“The rewards and benefits of RuPay credit cards will further be enhanced with the experience of digital enablement and convenience of making all types of payments through a single UPI app. This will lead to a widespread usage of RuPay credit cards with convenient and faster payments across online and offline modes,” said Praveena Rai, chief operating officer, National Payment Corporation of India (NPCI).
The developer of UPI has been in talks with top lenders, including ICICI Bank, State Bank of India (SBI), Union Bank of India and Axis Bank, to go live with the ‘RuPay credit card on UPI’ offering.
Reserve Bank of India (RBI) governor Shaktikanta Das in June last year had said that credit cards would be allowed to be linked with UPI, with the services going live with RuPay credit cards to start with.
In October 2022, NPCI had released an operating circular for the linkage between RuPay credit card and UPI.
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“We are launching payments through RuPay Credit Card on UPI in partnership with NPCI, and believe that this will enable convenience of payments, while also leading to greater penetration of the credit ecosystem in India,” said Surinder Chawla, managing director (MD) and chief executive officer (CEO), Paytm Payments Bank.Total UPI transactions in the country touched 8 billion in January, with the infrastructure processing close to Rs 12.98 lakh crore worth of payments.
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