Linking credit card to UPI will promote exponential rise in card

Linking credit card to UPI will promote exponential rise in card acceptance: ISG

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Fintech company In-Solutions Global Ltd (ISG) anticipates a rise in credit card issuance and

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issuance and transactions as issuers start to enable linking of RuPay credit cards to Unified Payments Interface (UPI)

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following the Reserve Bank of India's (RBI) approval of credit card payments for the UPI network.

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ISG stated in a statement on Tuesday that linking credit cards to UPI will result in a 30-fold increase in the acceptance of credit cards,

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with 21 crore UPI QR terminals being able to accept credit card payments via UPI, as opposed to the current PoS (Point of Sale) terminals infrastructure of 70 lakh terminals.

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The Reserve Bank approved the linking of credit cards with the UPI last month, making it possible for more people to use the well-liked platform for payments.

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Currently, UPI speeds up transactions by connecting users' debit cards to their savings or current accounts.

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Customers will link their credit cards to UPI for the benefit of earning reward points and protecting their bank account

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from frauds, it said, which will have a positive impact on the adoption and usage of RuPay cards.

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The rise of UPI as a mode of transaction can be assessed by the fact that UPI transactions rose by 7.7% in October to 730 crore.

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The total value for the month stood at more than ₹12.11 lakh crore.

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Moreover, as per a research by FIS, a financial services technology provider, around 76% Indians prefer using UPI during checkouts when shopping online.

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