UPI Payment Approved By Credit Card, Initially Customers Of These Three Banks Will Be Able To Avail Benefits
Till now payment could be made only through credit card through means like internet banking and POS.
Now you can easily pay anywhere with UPI through a credit card. This is because RBI has approved the linking of UPI with credit cards. This will be of great benefit to credit card holders. Along with this, there is a possibility of an increase in the sales of the shopkeepers.
This move of the government can give a big boost to the UPI payment system in the country. There can be a big increase in the transactions done through UPI. Till now payment could be made only through credit card through means like internet banking and POS.
Three banks got approval
Initially, only RuPay credit cards have been allowed to be linked with UPI by RBI. At present, only Punjab National Bank, Union Bank of India, and Indian Bank have been approved by RBI i.e. the credit cards of these banks can be used for UPI payments at present.
UPI Lite launched
Along with this, 'UPI Lite' has been launched by NPCI. This will accelerate low-value transactions. With the help of UPI Lite, users will be able to do low-value transactions through offline mode. NPCI said that through 'UPI Lite', users will be able to easily transact faster than before. More than 50 percent of UPI transactions are less than Rs 2,000. This will also reduce the debt load on banks.
Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank have been initially approved for UPI Lite.
According to the information given by NPCI, in August 2022, UPI had done 6.58 billion transactions. Its total value during this period was around Rs 10.73 lakh crore.