Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Thursday, 9 June 2022

It was only a “ Matter of Time “

 

 

Context :

RBI allows linking credit cards with UPI: Here’s what you need to know  /  Indian Express / 08 June 2022

 

Extract :

Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday allowed the linking of credit cards on the UPI platform.


During his speech where the central bank chief announced a 50 basis points (bps) hike in the repo rate to curb the rising inflation, Das announced this key regulatory measure which is likely to benefit most credit card holders in the future.

 

Das said that to begin with, Rupay credit cards will be linked to the UPI platform and this will provide additional convenience to users and enhance the scope of digital payments.

 

Currently, UPI facilitates transactions by linking savings / current accounts through users’ debit cards.

Speaking about the UPI platform the RBI governor said “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and 5 crore merchants on the platform.

In May 2022 alone, about 594 crore transactions amounting to Rs 10.4 lakh crore were processed through UPI…It is now proposed to allow linking of credit cards on the UPI platform.”

MY  TAKE  :

Ø  BHIM : the Unstoppable……………………………. [ 14 April 2017 ]

 

Extract :


Journey So Far  :

BHIM V 1.0   /   Dec 2016 

BHIM V 2.0  /   March 2017

BHIM V 3.0 /   April 2017

 

Future Versions Envisaged :

BHIM V 4.0  /  June 2017

BHIM V 5.0  /  Oct 2017


BHIM V 6.0  /  Dec 2017 

Feature : To subsume in itself , all Automatic Payment Apps

===================================================

BHIM V 7.0  /  April 2018 :

Feature :

Integrating all Private Mobile Wallets into BHIM to create UTI ( Unified Transaction Interface ) , leading to ,

 

UPI + UTI = " Less Cash " + " Less Evasion " + " Less Black "

 [ Read :  From  UPI to  UTI  ( 07 Dec 2016 ) ]

 

BHIM V 8.0  / June 2018

Feature :

Motivating ALL buyers to use BHIM by depositing certain percentage of GST paid on each purchase transaction into the PPF / EPF accounts ( DBT ) and thereby take care of Social Security after retirement

 

BHIM V 9.0 / Oct 2018

------------------------------------------------------------------------------------------- 

BHIM V 10.0 / Dec 2018

 Feature :  Bring daily wage earners , SMEs in the banking net

 

 

Dear Shri Shaktikant Dasji,

 

 

Congratulations on this initiative

 

I urge you to consider my above-mentioned suggestions for early implementation

 

 

With regards

 

Hemen Parekh  /  hcp@RecuitGuru.com  /  10 June 2022

 

 

Related Readings :

 

 

Ø  Cards Vs Mobile Wallets……………………………………. [ 15 Jan 2017 ]

 

Ø  When BHIM is here, can ARJUN be far away ? ….[ 30 Dec 2016 ]

 

Some more news reports :

 

UPI transactions to go up credit card link   ………….. Business Line  /  10 June 2022

 

Extract :

 

Even as the Reserve Bank of India has announced UPI linking to credit cards, a few companies such as Jupiter Edge and LazyPay are already offering products that offer credit on UPI through wallets.

“There exist a few players in the market who are offering ‘credit on UPI’ through a wallet form factor. This has been enabled by RBI’s Master Directions regarding mandatory interoperability of full KYC PPIs (through UPI for wallet PPIs and through card networks for card-based PPIs) starting 2022-23,” said a report by Kotak Institutional Equities.

 

 

RBI’s UPI-Credit Card Linking Plan is not adding up for Banks , Fintech ………../  ET   /   10 June 2022

 

Extract :

 

While the announcement—on Wednesday-- by the Reserve Bank of India to permit quick response (QR)-based payments through RuPay cards, which are backed by the National Payment Corporation of India (NPCI), is expected to result in a five-fold increase in credit on the UPI platform, industry sources estimate it will take at least six months for a full roll-out of credit-card based payments.

Industry members are of the view that once final operating guidelines are released shortly by the banking regulator and NPCI, it will require sizable upgradation of the current UPI infrastructure across all fintech providers.

As a result, current UPI third-party apps including the likes of PhonePe, Paytm , and Google Pay will have to undertake a re-KYC process for merchants and upgrade their technology layer for stringent KYCs, they said.

 

 



 

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