RBI has allowed Bank account holders can link their credit cards with the UPI from now on
RBI or Reserve Bank of India has announced a new statement, which will benefit all users. From now on, the UPI account holders will be able to link their UPI accounts with credit cards. The statement has come in front of the RBI governor Shaktikanta Das. The central bank chief announced this on Wednesday.
In his speech, the head of the National bank said that 50 basis points or bps have hiked the repo rate. This will help to curb the rising inflation.
While talking about the linking of the credit cards, this feature will be available first for the RuPay card users. According to the chief, the new feature will enhance the quality of the digital transaction. It will be helpful for all the customers.
Through UPI accounts, users can do digital transactions from their savings or current accounts.
How to link the Credit cards with payment apps –
There are various types of payment apps which are now available across the country. GooglePay, PhonePe, and Paytm are one of them.
In India, PhonePe has gained the first position for being the safer money transaction app. Now, we are going to discuss with you all, how one can link credit cards with payment apps.
How to link the credit cards with payment accounts
1. To link the credit cards with the payment or money transaction apps, first one has to open the application.
2. Then one needs to click on the profile options or tap on the profile picture.
3. After that, one needs to go to the payment section.
4. Then add a credit or debit cards option will be visible.
5. Then the user has to enter the card number, the validity of the card, the CVV number and the name of the cardholder.
6. After that the user needs to tap on the save option.
While talking about the UPI transaction, the RBI governor shared that UPI has become the inclusive mode of payment in the country. The governor said that there are over 26 crores of unique users and 5 crores of merchants available on the platform. More than 594 crores of transactions amounting to Rs 10.4 lakh were processed through UPI during the May of 2022.
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