Reserve Bank of India (RBI) has started linking credit cards with Unified Payments Interface (UPI) and RuPay credit cards, and in all probability the central bank will allow the same for other card networks such as Visa and Mastercard, too.
Speaking at the Global Fintech Fest 2022, Vivek Deep, executive director, RBI, said, “We have started with RuPay cards. But if you see the vision document of our department, the idea is to generally link credit cards with UPI. This we believe has the potential to be a game changer in this field. This will enhance the benefit of credit and UPI to a large number of populations.” In his monetary policy address in June this year, the RBI governor Shaktikanta Das had said, “To begin with, the Rupay credit cards will be linked to the UPI platform. This will provide additional convenience to users and enhance the scope of digital payments.”
There was lack of clarity on whether the RBI will extend this facility to credit cards of other card networks, such as Visa, Mastercard, etc.