Abhishek012
TF Pioneer
NPCI allows aggregators for merchant transactions through credit cards on UPI:
BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU, and Pine Labs can now facilitate merchant transactions post the RBI's move to enable credit card on UPI
The National Payments Corporation of India (NPCI) has partnered with various payment aggregators to enable merchant transactions through RuPay credit cards on UPI.
Last year the Reserve Bank of India (RBI) had allowed linking RuPay credit cards to the Unified Payment Interface (UPI).
“NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU and Pine Labs to enable merchant transactions through RuPay credit cards on UPI in the Indian market,” NPCI said in a statement on Wednesday.
Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts.
“The linkage will ensure that customers no longer have to carry their credit cards with them for payments,” said NPCI.
“After the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. The support of all partners has been instrumental in helping us achieve this,” said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI.
Bansal said NPCI will aim to explore more relevant avenues to promote the adoption of digital payments via credit cards on UPI.
The linkage of credit cards with UPI will also lead to a rise in acceptability as UPI provides customers with more points of acceptance through the vast network of UPI QR codes. It is also beneficial to merchants in semi-urban areas, as card point-of-sale (POS) terminals are not widely available.
Important information -
Just like we have Debit Card, Credit Card, Prepaid/Wallet Card network.
Similarly, UPI also has Debit UPI, Credit on UPI, PPI on UPI network -
Debit UPI is link with our Bank Accounts (Saving/Salary/Pension/Current account).
Credit on UPI is link with our Credit Cards
PPI on UPI is link with our eWallet/Prepaid Cards (eWallet UPI).
BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU, and Pine Labs can now facilitate merchant transactions post the RBI's move to enable credit card on UPI
The National Payments Corporation of India (NPCI) has partnered with various payment aggregators to enable merchant transactions through RuPay credit cards on UPI.
Last year the Reserve Bank of India (RBI) had allowed linking RuPay credit cards to the Unified Payment Interface (UPI).
“NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU and Pine Labs to enable merchant transactions through RuPay credit cards on UPI in the Indian market,” NPCI said in a statement on Wednesday.
Earlier, UPI customers were able to make transactions only through their bank accounts, overdraft accounts, and prepaid accounts.
“The linkage will ensure that customers no longer have to carry their credit cards with them for payments,” said NPCI.
“After the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. The support of all partners has been instrumental in helping us achieve this,” said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI.
Bansal said NPCI will aim to explore more relevant avenues to promote the adoption of digital payments via credit cards on UPI.
The linkage of credit cards with UPI will also lead to a rise in acceptability as UPI provides customers with more points of acceptance through the vast network of UPI QR codes. It is also beneficial to merchants in semi-urban areas, as card point-of-sale (POS) terminals are not widely available.
Important information -
Just like we have Debit Card, Credit Card, Prepaid/Wallet Card network.
Similarly, UPI also has Debit UPI, Credit on UPI, PPI on UPI network -
Debit UPI is link with our Bank Accounts (Saving/Salary/Pension/Current account).
Credit on UPI is link with our Credit Cards
PPI on UPI is link with our eWallet/Prepaid Cards (eWallet UPI).
