PayTM's Vijay Shekhar Sharma lauds RBI's big announcement on credit cards, UPI payments
RBI's credit card announcement: Das said the UPI has emerged as the most inclusive mode of payment with over 26 crore users and 5 crore merchants.
The Reserve Bank of India on Wednesday proposed allowing use of credit cards for the Unified Payments Interface (UPI). The implementation of the new regime will start from the indigenous RuPay credit cards. RBI Governor Shaktikanta Das made the announcement during a press conference after the Monetary Policy Committee meeting. Currently, only debit cards can be used to make transactions through UPI.
"At present, UPI facilitates transactions by linking savings/current accounts through users' debit cards. It is now proposed to allow linking of credit cards on the UPI platform," RBI Governor said in his statement after the MPC meeting.
"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," he added.
Das said the UPI has emerged as the most inclusive mode of payment with over 26 crore users and 5 crore merchants. He said a whopping Rs 10.4 lakh crore exchanged hands via the UPI system.
Meanwhile, PayTM's promoter Vijay Shekhar Sharma called the move a game changer. In a tweet he said," This is a game changer move by the RBI. Also the beginning of MDR / Interchange of card networks starting to apply on mobile payments."
Das said the RBI has also decided to enhance e-mandate limits on cards for recurring payments.
With inputs from ANI