InvestorQ : Can you tell me about the latest RBI announcement about UPI linking with credit cards?
NISHA Nayak made post

Can you tell me about the latest RBI announcement about UPI linking with credit cards?

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Priyanka N answered.
8 months ago
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Here are the highlights of the RBI announcement on linking credit cards with UPI or unified payments interface.

· The announcement was made as part of the monetary policy of the RBI wherein RBI has agreed to enable linking of UPI ids with credit cards.

· Current regulations only permit bank accounts and debit cards to be linked to the UPI ids. Now, the RBI has announced even credit cards to be linked to your UPI id.

· This means that people can pay using their credit cards, but without having to swipe the card. No more swiping your card on the POS machine.

· The question is how will the same be authenticated then? It can be authenticated either with a mobile OTP code or it can be authenticated with a quick response or QR code.

· The good things is that you don’t need to carry your credit card or swipe the card at the POS machine to use it. It can be done electronically now.

· This not only makes the entire process of credit card usage easier and a lot more safe and secure but prevents, splicing spoofing etc.

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