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NPCI enables key aggregators to support credit transactions on UPI

National Payments CorporationAfter the RBI’s latest move in the digital payments space to link RuPay credit cards to UPI, the National Payments Corporation of India (NPCI) and India’s leading payment aggregators have joined forces to support credit transactions on UPI. NPCI has enabled key aggregators like BharatPe, Cashfree Payments, Google Pay, Razorpay, Paytm, PayU and Pine Labs in order to enable merchant transactions through RuPay credit cards on UPI in the Indian market.

NPCI has now permitted the PPI wallets to be part of the interoperable UPI ecosystem. The interchange charges introduced are only applicable for the PPI merchant transactions and there is no charge to customers, and it is further clarified that there are no charges for the bank account to bank account-based UPI payments (i.e. normal UPI payments).

The linkage of credit cards with UPI will also 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. It is also beneficial to merchants, especially those in semi-urban areas, as card point-of-sale terminals are not widely available.

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI said, “India is one of the select few nations that has been successful in premiering innovation through targeted regulations. Going ahead, we aim to explore more relevant avenues in order to promote the adoption of digital payments via credit cards on UPI for smoother, more reliable and more secure credit-based transactions in the pursuit of our objective to underwrite every eligible Indian.”
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