UPI News: Unified Payments Interface (UPI) payments have been growing steadily since the launch. India recorded 6.28 billion transactions worth Rs 10,62,991.76 (or about Rs 10.63 trillion) in July this year alone. In the first quarter of this year, India recorded a total of 9.36 billion transactions, amounting to Rs 10.25 lakh crore. Till now 338 banks are live on UPI network.
Digital payments or UPI payments in India are powered by apps like BHIM UPI, Google Pay, PhonePe, Paytm, Amazon Pay and individual apps launched by respective banks. Now, the Reserve Bank of India has come up with a new rule that will not only boost consumption but also help UPI users by providing them with payment options.
The National Payments Corporation of India (NPCI) launched the RuPay credit card on the UPI platform on September 20, following which it was authorized by the RBI. Experts say that soon the credit cards of other banks will also be linked to UPI.
How will users benefit from this?
You must be aware that credit cards offer an interest free repayment period of around 30-45 days. So, if users make UPI payments using their RuPay credit cards, they will get more time to pay back to the bank, whereas earlier, the money was deducted from their bank accounts immediately.
