By Akash Sinha, CEO and Co-Founder, Cashfree Payments.
“We welcome the RBI’s move to allow credit cards (starting with Rupay) to be linked to the UPI accounts. This is an important step for enabling credit payments via UPI, which until now was only possible through linking overdraft accounts. Other options included linking savings and current accounts to UPI via debit cards/ Aadhaar. We believe that this will significantly contribute to the Digital India imperative. In May 2022, UPI processed more than Rs. 10 trillion worth of transactions, witnessing a doubled volume and value of transactions in a year’s time. Cashfree Payments is a certified and compliant payments solutions provider and we believe in an inclusive nature of services and products which also resonates with UPI operations. The central bank’s announcement is well-timed and provides us with an added encouragement to continue our efforts to assist the payments industry accelerate the digitalization journey and promote financial inclusion.”