The linkage of RuPay credit cards to the Unified Payments Interface (UPI) can be operational in a couple of months, the managing director and chief executive officer of the National Payments Corporation of India said on July 22.
“We are hoping that the RuPay credit card linking to UPI should get operationalized in a couple of months’ time,” Dilip Asbe said at an event in Mumbai.
“We are talking to BoB cards, SBI Cards, Axis Bank, and Union Bank of India,” added Asbe. “We should be in a position to submit our proposal to the Reserve Bank of India (RBI) in ten days’ time and once we get the approval, we should be able to start in two months’ time.”
The RBI Governor Shaktikanta Das, on June 8, had said that credit cards will be allowed to be linked to UPI. To begin with, it will only be RuPay credit cards, India’s homegrown card network. Until now, customers could link their UPI accounts only through debit cards.
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“UPI facilitates transactions by linking savings or current accounts through users’ debit cards. It is now proposed to allow linking of credit cards on the UPI platform, to begin with, the RuPay credit cards will be linked to UPI,” Das had said.
“This will provide additional convenience to the users and enhance the scope of digital payments,” the governor had said.
