To begin with, the Rupay credit cards will be linked to the UPI platform. This will provide additional convenience to users and enhance the scope of digital payments, said RBI Governor Shantiniketan Das.
Currently, Punjab National Bank (PNB), IDBI Bank (IDBI), Union Bank, State Bank of India (SBI), Bank of Baroda, Federal Bank and Saraswat Co-operative Bank provide the RuPay Credit Card.
RuPay also provides co-brand cards with a few banks like HDFC Bank, SBI, PNB and Union Bank.
Once the implindigenous RuPay credit card is linked, other card networks like Visa and Mastercard will follow suit. Up until now, card users could only link their debit cards to UPI.
At present, UPI facilitates transactions by linking savings/ current accounts through users' debit cards.
This story is from the July 2022 edition of BANKING FINANCE.
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This story is from the July 2022 edition of BANKING FINANCE.
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