RBI allows credit cards to be linked to UPI; marks shift from 'pay now'

The Reserve Bank of India (RBI) on Wednesday allowed linking of credit cards to Unified Payments Interface (UPI), which so far was being used as a ‘pay now’ facility, wherein money was debited from a customer’s bank account directly for any transaction.

Initially, home-grown card network Rupay Credit cards will be linked with UPI.

“This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI. This facility would be available after the required system development is complete,” the RBI said. “So far, UPI is being used as a “pay now” instrument, which means