Credit Card UPI Payment – The Reserve Bank of India announced big news for millions of users of UPI for online payments and digital transactions. From now on, UPI payments can be made not only from Savings Accounts and Current Accounts but also from Credit Cards. This facility will be launched soon by the Reserve Bank.
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UPI payments will be made using RuPay cards
Following the Monetary Policy Committee meeting in June (2022), RBI Governor Shaktikanta Das shared this information. In order to promote digital transactions, the Reserve Bank plans to offer UPI payments through credit cards.
With RuPay Credit Card, it will be introduced. Other gateways, such as Mastercard and Visa, can also be used to accept credit cards. These changes will make it easier for people who, when needed, withdraw cash from their credit cards or transfer money from them to their banks. In both situations, people are required to pay additional fees and taxes.
Paying this amount can now be done online via e-mandate
Additionally, the Reserve Bank has simplified the process of paying for subscriptions. Whatever the case, whether it was paying for a subscription to an OTT platform, gas bills, or mobile phone bills … RBI mandated electronic mandates for recurring payments of this type.
With the e-mandate now mandatory, the Reserve Bank has set a limit on such transactions. The limit has now been increased three times. Previously, there was a limit of Rs 5000 on this type of transaction. The e-mandate facility is now available for transactions up to Rs 15,000 in value. RBI Governor Das stated that both of these steps are aimed at promoting the digital economy.
Using a credit card to pay with UPI
With the Reserve Bank’s new facility, it is no longer necessary to swipe a credit card when paying. UPI must first be linked to the credit card. After that, the QR code can be scanned to pay directly. The payment process will allow you to choose either a credit card or a debit card. You will receive an OTP on your registered mobile number as soon as you make a payment using the UPI app. You will receive the payment once you provide the OTP.