Happy
news for UPI & credit card users...!
The Federal Reserve has begun raising interest rates to control inflation, which has begun to weigh on the
international economy today. In this context, the RBI raised interest rates for the second time today at a meeting of the Central Bank. Not only this, but it has also given many more announcements. Especially for the benefit of UPI users, it has also allowed credit cards to be linked to the UPI platform so that UPI users can make payments from Rupay credit cards through UPI. This was stated by
governor Shakti Kanta Das at a meeting of the Reserve
bank today.
The UPI
service, which is one of the most popular money transfer systems in
india today, is now allowed to connect to the credit card as well. There are currently over 26 crore individual users and 5 crore merchants in India. In May 2022 alone, Rs 594.63 crore worth of transactions are done.
These UPI
services allow you to easily transfer money (via debit card) by linking your current account with your savings account. As such, credit card transactions are currently allowed. The first step is to make a transaction with a Rupay credit card. This can be useful for
customers to easily transact.
It has been announced that this
service will be available after completing the required procedures. With this announcement by RBI, by linking one's credit card and debit card with UPI, they can scan the QR code and pay without having to swipe the card. OTP will come to your registered
mobile number. So it is safe.
You must have a credit card or debit card linked to UPI. According to
google pay, an individual can add Axis
bank,
sbi Cards, Kodak
bank,
hdfc bank, Indus
bank, Federal
bank, RPL
bank, HSBC
bank, ICICI
bank, and OneCard. These must operate on Visa and Gateways.
How to connect to google Pay? Step 2: Click Payment Method. In it, you can see the existing
bank accounts. Click Add Account or Credit Card or Debit Card. Step 3: For this, you will have to give your card number, expiry number, CVV number, cardholder name, and address.
Step 4: After registering all this you have to accept the terms and conditions. You can then use it in stores and wherever you need it.