Lockdown restrictions were in place in India for more than two years due to the raging corona pandemic. This has led to a significant increase in the number of people buying goods and making transactions online. In particular, people have started transacting from pet shops to malls through the Unified Payments Interface (UPI).
In this case, there are reports that charges are going to be charged for UPI transactions. But the central government denied it and announced that it has no intention of charging UPI payments for now.
Also, while the UPI transaction, which was allowed only for debit cards, has now been allowed for credit cards as well, there has been news that RuPay credit card users will be disappointed. While the RuPay credit card has been in circulation for the past 4 years, the Reserve Bank of India has allowed it to be linked to UPI.
In this regard, the National Transaction Corporation (NPCI) has announced in a recent statement, “There is no charge for using RuPay credit card on Unified Payments Interface (UPI) for transactions up to Rs. 2,000 as per Reserve Bank guidelines.” The announcement comes at a time when all major banks are offering RuPay credit cards to their business and retail customers.
In a statement issued on October 4, NBCL said, “Customer approval for all types of transactions will be obtained by linking the credit card to the payment gateway apps and setting the UPI pin.”
It has been announced that MTR (Merchant Discount Rate) will not be charged for transactions of Rs 2,000 or less. MTR is the fee paid by the merchant to the concerned bank when the customer makes a payment through credit or debit card. Through this, both the traders and the customers have benefited.
RBI Deputy Governor D Rabi Shankar said, “The basic objective of linking credit cards with UPI is to provide customers with a wider range of payments. At present, UPI is linked to savings accounts or current accounts through debit cards.”
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NBCL has announced that from October 4, when the circular was issued, there will be no charge for Rupay credit card transactions up to Rs 2,000 and has advised the customers to bring this to the attention of the concerned stakeholders.
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