News > RBI’s UPI-credit card linking plan is not adding up for banks, fintech

RBI’s UPI-credit card linking plan is not adding up for banks, fintech

Gadgets Now | 10/06/2022 09:55 AM | Click to read full article

The central bank’s move to open credit card transactions on the Unified Payment Interface—India’s preeminent digital payment network—is throwing up a slew of challenges from lack of clarity on merchant discount rates to confusion on merchant authentication and know-your-customer (KYC) norms.

Currently, UPI payments are routed through debit cards and bank accounts with the RBI now permitting the introduction of RuPay credit card payments.