After the June meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das gave information about this.
The Reserve Bank has given a great news to the people using UPI for online payments and digital transactions. Now it will be possible to make payment by credit card through UPI as well. The Reserve Bank is going to start this facility soon.
Let us tell you that after the June meeting of the Monetary Policy Committee, Reserve Bank Governor Shaktikanta Das gave information about this. He said that the Reserve Bank has decided to provide the facility of UPI payment through credit cards to promote digital transactions. However, initially this will be possible only with Rupay credit card. Later, this facility can also be started for credit cards based on other gateways including MasterCard and Visa. After this facility, if needed, you will get rid of withdrawing cash from credit card or transferring money from it to bank account. Along with this, the extra duty and tax that has to be paid by doing this will also get rid of it.
Along with this, the Reserve Bank has also made e-mandate mandatory for such recurring payments, making subscription payments easy. After making e-mandate mandatory, the Reserve Bank has fixed a limit for such transactions. Now this limit has been increased 3 times. Earlier, there was a limit of Rs 5000 for such transactions. Now transactions up to Rs 15,000 can be done through e-mandate.
With this facility of Reserve Bank, it will now be possible to make payment without swiping the credit card. For this, the credit card will have to be linked with UPI first. After that, payment can be made directly by scanning the QR code. While making the payment, you will get the option from which credit card or debit card you want to make the payment. As soon as you initiate the payment through the UPI app, an OTP will be sent to your registered mobile number. Once the OTP is submitted, the payment will be completed.
