UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform
2 years, 9 months ago

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform

News 18  

UPI-Credit Card Linking: As the Reserve Bank of India has proposed to link credit cards to Unified Payments Interface, the homegrown virtual payment system has got yet another filip for its growth. Here’s details about UPI and credit card usage in India: Total UPI Transactions in India RBI Governor Shaktikanta Das, while announcing the decision, said, “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and 5 crore merchants on the platform. Currently, UPI facilitates transactions by linking savings/current accounts through users’ debit cards.” Rating agency Icra said the UPI-based payment throughput more than doubled to Rs 84.16 lakh crore in FY2022 from Rs 41.04 lakh crore in FY2021. Aashay Choksey, assistant vice-president of ICRA, said, “As RuPay issued credit cards are still gaining market share, the overall credit outstanding against credit cards which stood at Rs 1.5 lakh crore as on April 22, 2022, and is unlikely to grow materially in the near term unless the enhancement in UPI linking is extended to other card platform operators as well.” He added that permitting UPI-based payments to credit cards could lead to some of the upfront spendings from savings/ current accounts to shifting to credit cards which in turn could drive higher card utilisation levels and increase in spending per card for banks that operate a higher share of RuPay cards.

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