GPay, BharatPe, Razorpay, and Paytm have teamed up with NPCI to bring credit card transactions to UPI.

GPay, BharatPe, Razorpay, and Paytm have teamed up with NPCI to bring credit card transactions to UPI.
GPay, BharatPe, Razorpay, and Paytm have teamed up with NPCI to bring credit card transactions to UPI.
GPay, BharatPe, Razorpay, and Paytm have teamed up with NPCI to bring credit card transactions to UPI.

Previously, UPI users were limited to making transactions using their bank accounts, overdraft accounts, and prepaid accounts.

India’s National Payments Corporation of India (NPCI) has joined hands with top payment aggregators such as BharatPe, Google Pay, Razorpay, Paytm, PayU, and Pine Labs to allow credit card transactions on the Unified Payments Interface (UPI) in India. This follows the Reserve Bank of India’s (RBI) recent decision to connect RuPay credit cards with UPI. The goal of the collaboration is to offer customers the advantages of credit cards, such as short-term credit and rewards, while also providing an instant payment experience through UPI.
Previously, UPI users in India could only make transactions through their bank accounts, overdraft accounts, or prepaid accounts. But with the RBI’s new policy of connecting RuPay credit cards to UPI, customers will no longer need to carry their credit cards with them for making payments. This development is expected to increase the acceptance of UPI, as customers will have access to more points of acceptance via the extensive network of asset-light UPI QR codes. This move is particularly advantageous for merchants in semi-urban areas where card point-of-sale terminals are not easily accessible.The UPI platform has gained immense popularity in India and currently has more than 250 million individual users and five crore merchants. It is considered one of the most inclusive payment methods in the country. In the month of January alone, UPI facilitated a massive 8038.59 million transactions, totaling to 1,299,058.78 crore. As per the RBI’s Payment Vision for 2025, credit-based transactions are projected to increase by 16% annually for the next four years.
According to Nalin Bansal, who is the Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI, India is among the few countries that have been able to introduce new ideas through specific regulations. Following the Reserve Bank of India’s decision to link RuPay credit cards with UPI, payment aggregators were quickly authorized to increase customer awareness and merchant acceptance, with the aim of achieving early and extensive adoption. This development is anticipated to offer a seamless and convenient payment experience for both consumers and merchants in the coming years.
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