Latest News | Credit Card-UPI Linkage Will Drive Manifold Rise in Card Acceptance Ecosytem: ISG

New Delhi, Nov 15 (PTI) With the Reserve Bank of India (RBI) approving credit card payments for the Unified Payments Interface (UPI) network, fintech firm In-Solutions Global Ltd (ISG) expects the credit card issuance and transactions to rise, as issuers start to enable linking of RuPay credit cards to UPI.

Linking credit cards to UPI will mean a 30-fold increase in acceptance of credit cards, with 21 crore UPI QR terminals being able to accept credit card payments via UPI, compared to the current PoS (Point of Sale) terminals infrastructure of 70 lakh terminals, ISG said in a statement on Tuesday.

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Last month, the Reserve Bank allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.

At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards.

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The platform covers the entire payments spectrum in a single enterprise platform, from transaction initiation and fraud checks to settlement and reward allocation, it said.

The sudden multi-fold increase in acceptance will positively impact the adoption and usage of RuPay cards, as customers would link up their credit cards to UPI for the benefit of earning reward points and insulating their bank account from any frauds, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)