In January alone, UPI processed 8038.59 million transactions, amounting to 1,299,058.78 crore. India has over 250 million unique users and five crore merchants on the UPI platform, which has become one of the most inclusive modes of payment in the country. This move is especially beneficial for merchants in semi-urban areas, where card point-of-sale terminals are not widely available.
The move is expected to lead to a rise in acceptability, as UPI provides customers with more points of acceptance through the vast network of asset-light UPI QR codes.
However, the linkage of RuPay credit cards to UPI will eliminate the need for customers to carry their credit cards with them for payments. The initiative aims to provide customers with an instant payment experience through UPI while also offering the benefits of short-term credit and rewards offered by credit cards.īefore the RBI's move, UPI users were only able to make transactions through their bank accounts, overdraft accounts, and prepaid accounts. India's National Payments Corporation of India (NPCI) and several leading payment aggregators such as BharatPe, Google Pay, Razorpay, Paytm, PayU and Pine Labs have come together to enable credit card transactions on the Unified Payments Interface (UPI) in India, following a recent move by the Reserve Bank of India (RBI) to link RuPay credit cards to UPI.
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