On Which Platforms UPI was allowed previously and now which additional planform has been allowed for Unified Payment Interface Transactions.
NPCI has allowed Credit Card Transactions on UPI Platform which was not enabled on Credit Card till date .Only Net Banking and Debit Card were the mode of transactions for UPI Platform.
Which Payment Gateway/Payment Aggregators and PrePaid Payment Instruments have enabled Credit Card Transactions Via UPI?
Companies Like BharatPe, GooglePay, RazorPay,PayTM, PayU and Pine Labs have facilitated the payments by users made through Credit cards via UPI Platform.
How Enabling UPI will Benefit Users ?
The UPI Payment mode via Credit Cards will help users who are regular Credit Card Users and make most of their payments via Credit Cards .They can also use the reward points generated after using UPI mode for making payment via Credit Cards .
What is UPI ?
UPI or Unified Payment Interface is a system which allows users to transfer money between Bank Accounts instantly without the need of Bank Account Details .Around 8 Billion Transactions happen very month via UPI .
How this new Move will benefit Digital Payments Ecosystem in India ?
Credit cards Transactions of Higher Amounts can be used for wider range of transactions. The UPI payments via Credit Cards gives user an option of making payments for different transactions.
Number of UPI Users and the Volume of Transactions Happening Via UPI.
- There are more than 250 Million UPI Users .
- More Than 5 Crore Merchants are there on UPI Platform.
- Around 8100 Million Transactions happened Last Month Via UPI which amounts to value of INR 13 Lac Crores.
- As Per the Estimates give by RBI the Transactions are expected to grow by 16 Percent in the coming four years .
