Credit-based payment operations will rise by 16% each year over the next four years, according to the RBI Payments Vision for 2025. It is used to process real-time payments and can allow interbank transactions using a smartphone. With over 250 million unique users and five crore merchants on the network, UPI has evolved into one of India's most inclusive payment systems. This measure is expected to enhance credit-based payment acceptance because UPI’s network of asset-light UPI QR codes widens the locations where these payments can be accepted.ĪLSO READ: UPI merchant transactions above Rs 2,000 via PPIs to attract 1.1% interchange fee: NPCI issues new rules Before, UPI users could only access bank accounts, overdraft accounts, and savings accounts. This comes after the Reserve Bank of India (RBI) linked RuPay credit cards to UPI in an effort to combine the benefits of both, providing customers with the quick payment experience of UPI as well as the rewards and short-term credit provided by credit cards.Ĭustomers no longer need to carry their credit cards with them when making transactions, thanks to the integration of RuPay credit cards with UPI. The National Payments Corporation of India (NPCI) has collaborated with payment aggregators such as Google Pay, Paytm, and Razorpay to allow credit card transactions over the Unified Payments Interface (UPI). Follow us on Image Source : FREEPIK You can pay with a credit card via UPI check details
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