Shaktikanta Das, Governor of the Reserve Bank of India (RBI), announced on Wednesday that credit cards starting with RuPay can now be linked to the united payments interface (UPI).
The Governor said that this will aim to give users more ease while also broadening the scope of digital payments. The Governor was announcing the decision of RBI's monetary policy committee (MPC), which met from June 6 to June 8.
"With over 26 crore unique users and five crore merchants on the network, UPI has become India's most inclusive mechanism of payment. UPI has made unprecedented growth in recent years. Many other countries are working with us to implement similar approaches in their own countries" the RBI Governor said.
With over 26 crore unique users and 5 crore merchants onboarded, UPI has become India's most inclusive mechanism of payment, he said.
UPI processed 594.63 crore transactions worth Rs 10.40 lakh crore in May. He said, the interoperability of prepaid payment instruments (PPIs) has made it easier for PPIs to use the UPI payment system to conduct transactions.
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