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Coming soon: Now pay with UPI using your credit card

RBI has proposed to allow linking credit cards to UPI, starting with RuPay. But there are some challenges that need to be addressed first.

What's the news? "In order to further deepen the reach and usage [of UPI], it is proposed to allow linking of credit cards to UPI," the Reserve Bank of India (RBI) said in a press release dated June 8. Why does this matter? Unified Payments Interface (UPI) is the most widely accepted and used digital payment method in India, but currently, you can only use funds in your bank account to pay with UPI. By extending the facility to credit cards, consumers and merchants have more options to work with. Consumers get access to a credit line for payments and merchants get to accept credit card payments without having to install and pay for swiping machines. How will this work? We don't know yet. RBI said that RuPay credit cards will support this facility to start with, but the nitty-gritty details are yet to be announced. "This facility would be available after the required system development is complete. Necessary instructions will be issued to NPCI (National Payments Corporation of India) separately," RBI said. It could be a while before Mastercard and Visa enable their support (if at all) as they are already burdened by multiple other RBI regulations such as e-mandates and card tokenisation. A solution to RBI's new card storage guidelines? RBI's card storage guidelines kick in on July 1, according to which merchants and payment gateways are not allowed to store the credit and debit card details of their customers. This is expected to severely disrupt online card transactions because the alternative system…

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