SBI, ICICI and Axis Bank to launch Rupay credit card on UPI platform |

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Recently, leading credit card issuers in India State Bank of India (SBI), ICICI Bank and Axis Bank has announced that they will soon issue RuPay credit cards on Unified Payment Interface (UPI) by March 2023.

At present three Public sector banks Union Bank of India, Punjab National Bank and Indian Bank and private sector Bank HDFC bank have gone live on the RuPay credit card segment on the UPI platform.

How this move will help the economy?

The use of Rupay credit card on UPI will increase the domain of digital transactions in the Indian economy. SBI has the largest customer database. This is a huge move for the Indian economy. Secondly, Rupay will be promoted in the Era of Visa and Mastercard payment gateways.

Customers will profit from the increased opportunities to use their credit cards, and merchants will gain from the rise in consumption by being a member of the credit ecosystem and accepting credit cards using resources like QR codes.
A Virtual Payment Address, or UPI ID, will be connected to RuPay Credit Cards, directly enabling safe and secure payment transactions. The initial stage of operationalization will focus on identifying practical lessons that can be applied to the proposition in later stages to increase utilization.

What is Rupay ?

RuPaY card is a domestic card scheme conceived and launched by the National Payments Council Of India (NPCI) in 2012. It was created to fulfil the Reserve Banks of India’s desire to have a domestic open loop and multilateral system of payments in India. RuPaY facilities electronic payments at all Indian banks and institutions and competes with Mastercard and Visa in India.

News related to Rupay:

National Payments Corporation of India (NPCI) and Central Financial institution Of Oman signed a historic MoU to launch the Rupay debit card in Oman.
The National Payments Corporation of India (NPCI) has said there will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to ₹2,000.

What is UPI?

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience

News related to UPI:

The Reserve Bank of India (RBI) enhanced the capabilities of the Unified Payments Interface (UPI) by introducing a ‘single-block-and-multiple debits’ functionality.
The National Payments Corporation of India has extended the deadline for payment aggregators to meet the guidelines on volumes of UPI (Unified Payments Interface) transactions by two years till December 31, 2024.

To learn more about types of cards used in banking system. Click here

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