Hello iQOO folks,

I hope you all are doing well and enjoying the Mansoon(where It reached) and those who wait to get it, will get it very soon.

Well when UPI(Unified Payments Interface) launched then no one imagined that it gonna change our ways of making transactions, Ne one never imagined that we gonna make small payments to our Sabjiwala to do heavy transactions.

One thing that is very positive about UPI is it spreads very frequently and adds more and more easiness every day.

Today we can spot many new players offering UPI and digital transactions with ease.

UPI crossed the $1-trillion mark in transaction values for FY 2021-22 after the payments system crossed 5 billion transactions in a month for the first time in March. This is incredible and Huge for the Indian digital payment ecosystem.

In the latest move, RBI has announced that it's planning to link Credit Cards to UPI for providing more payment options to users.

As of now UPI and Credit Card were considered as two-pole apart things but RBI got something more to offer by bringing these both together.

Basic Difference between UPI and Credit Cards

UPI payments are free and require single-click authentication, while credit cards offer a short interest-free credit period and reward points.

How Linking Both will help...??

Customers can use UPI for large ticket purchases with this suggested capability. Users can pick from a variety of payment methods, including debit and credit cards linked to UPI. This connection will eliminate several annoyances in the consumer payment experience, including the need to carry credit cards and swipe them at point-of-sale machines/enter card information online, as well as allowing for more secure purchases.

As a result of the change, customers would have a more convenient payment experience, broadening the breadth of digital transactions and merchant partnerships in India.

What does RBI wish to achieve with this..??

The National Payments Corporation of India (NPCI) has set a target of $1 billion in UPI payments each day over the next two to three years, using systems such as UPI, Bharat Bill Pay, and RuPay.

Conclusion

In my capacity I found this move is an awesome step, This will give me more options to decide about my transactions.

I hope you all liked this piece of information, For any feedback or suggestion, don't forget to write them down in the comments section.

That's all for the day.

See you all soon

Vaibhav Rana

(iQOO Connect)