There is a new banking rule that can turn out to be great news for you in case you have an account in either Punjab National Bank, Union Bank of India or Indian Bank.
RBI Governor, Shaktikanta Das has announced a great thing for the users and credit card holders of the mentioned banks. He mentioned in a Global Fintech Festival that Rupay Credit Cards will be launched with UPI Network which will turn out to be a topic of joy for the credit card holders.
Rupay Cards linked to UPI
RBI will provide the facility of connecting UPI with credit cards for all the Government Bank users. However, it shall first be made available to the Punjab National Bank, Union Bank of India and Indian Bank users. Once the said phase starts running efficiently, it shall be made available to other local banks too.
You must check this Twitter Post to get more information on the topic:
Expanded Use of Credit Cards
As you will be able to connect your credit card with UPI Network, you will be able to use it in a more versatile way. You used to scan the UPI QR Code and make your payment at the merchant store using your Debit Card. After this enhancement, you will be able to scan the code and make your payment through your Credit Card.
UPI Lite
UPI Lite will enable you to make payments without any internet connection. So, you would not have to worry about an active internet connection all the time. However, please note that this feature lets you make a transaction up to 200 rupees only.
Cross Border Transaction
Just like the name suggests, a user will be able to make transactions in India while sitting cross border. So, when someone is buying something in India or you are making a deal in India, you will be able to make your payment using this upcoming facility.
Also Read:
These Three Banks Will Be First To Offer RuPay Credit Card On UPI
