Currently the UPI transections are only linked to the customers current or saving account through debit card only but on June 8th the governor of Reserve Bank of India(RBI) Mr. Shaktikanta Das declared that RBI recommended linking credit cards to the UPI network and the procedure would begins with the Rupay credit card.
Currently UPI only allows its transections through the debit cards. UPI have made easy for the buyer in India in comparison to the credit or debit card because the process of paying through debit or credit card may be little complicated.
Whatever you want to buy through your card you have to physically carried your card with you to purchase anything. Either in online Shopping you have to put your card details while paying or you have to swipe your card when you shop in any outlet and also it involves an OTP that comes to the buyer for the confirmation before going to pay.
UPI transections are quite easy and hassle free in comparison to the card payment. For this reason more people have now started using it because it only requires your mobile phone. RBI governor Shaktikanta Das noted that in may 2022 itself from 594.63 crore transections amount to 10.40 lakh crore were processed through UPI payment. But the major disadvantage of UPI transections so far is that you can not utilize your credit card through UPI for any transaction.
But now the RBI declared that credit card also linked to your UPI and this facility will be available after the require system development is complete. This is the major decision taken by RBI and for now only Rupay credit card will be linked to UPI transections. It is expected that other credit card companies like Visa, MasterCard will also gradually included in as well.
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