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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