Union Bank of India, Punjab National Bank ,PNB) And Indian Bank has introduced Credit Card payment access is iRBI Governor Shaktikanta Das made this announcement at the Global Fintech Fest in Mumbai.

Union Bank of India

According to Union Bank of India’s tweet, “UnionBankOfIndia is the Bank selected to offer UPI payments on RuPay npci Union Bank Credit Cards as announced by RBI Governor Dasshakthikanta in the presence of our MD & CEO A Manimekhalai and ED Shri Nitesh Ranjan.”

According to a Union Bank of India press release, “With the launch of the UPI credit card, Union Bank” rupay credit card Holders can now seamlessly make UPI payments to merchants through BHIM App. In addition, customers can scan UPI QR codes of merchants and make payments using their credit cards. Currently, the functionality is enabled on NPCI’s BHIM app for Union Bank RuPay credit card holders. Soon this product will be enabled for other UPI apps in the payment ecosystem.”

Punjab National Bank, Indian Bank

“With the linkage of RuPay credit cards on UPI, customers will benefit from an increased opportunity to use their credit cards, and merchants will be able to increase consumption by becoming part of the credit ecosystem with the acceptance of credit cards using assets like QRs. would benefit from growth. code. RuPay credit cards will be linked to the Virtual Payment Address (VPA) i.e. UPI ID, thus enabling direct and secure payment transactions. The initial phase of operations will focus on actionable learning which will be used in later phases to fine-tune the proposal for scaling up usage. Customers of Punjab National Bank, Union Bank of India and Indian Bank will be the first to be able to use RuPay credit cards over UPI with the BHIM app,” the press release from the National Payments Corporation of India said.

“UPI on credit cards is likely to be a game changer as we will see an increase in the number of transactions on UPI as the payment means are credit cards. Initially, it will be allowed only for RuPay credit cards and further we expect That other plan credit cards may also have this UPI linkage.From the pricing point of view, we expect the pricing (MDR) for low value UPI on credit card transactions to be zero, however for high value transactions It is expected that the MDR for UPI on credit cards will be similar to credit card swipes at online/physical locations,” said Mihir Gandhi, Partner & Leader – Payment Transformation, PwC India.

The Reserve Bank of India, in its Statement on Development and Regulatory Policies dated June 8, 2022, announced the linking of UPI to RuPay credit cards. As per the statement: UPI has become the most inclusive mode of payment in India. Presently, over 26 crore unique users and 5 crore merchants are connected on the UPI platform. In May 2022 alone, 594.63 crore transactions worth Rs 10.40 lakh crore were processed through UPI. UPI currently facilitates transactions by linking savings/current accounts through debit cards of users. The interoperability of PPIs has also facilitated the access of PPIs to the UPI payment system for carrying out transactions. To further deepen access and usage, it is proposed to allow linking of credit cards with UPI. Initially RuPay credit cards will be enabled with this facility. This arrangement is expected to provide more opportunities and convenience to the customers in making payments through the UPI platform. This facility will be available after the completion of required system development. Necessary instructions will be issued to NPCI separately.