The RBI has launched a new service in the market to increase digital payments through which users can easily complete their payments by just scanning the QR code on their credit cards. Yes, you read that right. The Central Bank said after the RBI MPC meeting in June 2022 that they informed you that payment can be completed by linking the credit card with UPI. But for now, this service is only available for RuPay card holders.
RuPay credit card UPI payment:
People all around the world, mostly prefer digital transactions nowadays. During online payments and transactions, people can make their payments by linking their UPI with their RuPay credit card and can complete their payments by just scanning the QR code.
The RBI has made this process simple so that by not using any savings account or current account, people can make the payment by using a credit card. Now, there is no need to swipe the card or tap into the POS machine.
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The Governor of RBI, Shaktikanta, released this service on Tuesday. This service is now available in three banks. And these three banks are Punjab National Bank, Union Bank Of India, and Indian Bank. Experts are hoping that this service will also be available for MasterCard and Visa cardholders soon.
Such users can also get benefits.
Governor Das, however, also added that the linking of credit cards with UPI will start with the RuPay credit card. Since the credit card market is currently dominated by Mastercard and Visa, most of the users are getting credit cards through UPI.
Right now, this facility will be available only to those who have a RuPay credit card. Let us know which banks are providing RuPay credit cards right now.