Onsitego Blog
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Reviews
  • Buying Guide
  • Explainers
  • How-To
Onsitego Blog
  • Home
  • News
  • Reviews
  • Buying Guide
  • Explainers
  • How-To
No Result
View All Result
Onsitego Blog
No Result
View All Result
Home News

RuPay Credit Cards Will Soon Be Linked To UPI Platform

Yogesh BrarbyYogesh Brar
26/07/2022
in News
0
RuPay
WhatsAppFacebookTwitter

Despite the government’s push for a digital India, the use of physical currency has not gone down. According to a top NPCI official, the amount of cash in circulation will decline only when one-third of the population begins adopting digital payment options. To recall, the Unified Payments Interface (UPI), which started the nation’s revolution in online payments, was created by NCPI, a government agency.

At an event, Dilip Asbe, Managing Director and Chief Executive Officer of National Payments Corporation of India (NPCI), stated that now 250 million individuals, or roughly a fifth of the population, use services like the Unified Payments Interface (UPI). He further added, “Unless we see one-third of the population on both demand and supply side having the digital payment structure, it is very difficult to start seeing some reduction in cash in circulation.”

Also Read: BSNL Planning To Roll Out 4G Services In India By 2024

Subscribe to Onsitego

Get the latest technology news, reviews, and opinions on tech products right into your inbox


    He predicted that the decline in the amount of currency in circulation will occur between 12 and 18 months from now, given the rate of increase. Since official data has shown a rise in digital payments made through platforms like UPI, high Currency in Circulation (CIC) has baffled market observers for a number of months. CIC has increased to over 14 percent of GDP from only 12 percent in 2016 amid the demonetisation.

    Also Read
    India Launches UPI Mobile Payment Technology For Feature Phones

    Given all the efforts and awareness campaigns, India should aim to lower the CIC to the single digits in the next five years, as it is in developed nations where the CIC as a proportion of GDP is in the single digits. More consumers choosing to make payments online would help with this. Asbe mentioned that the RuPay credit cards would be connected to the UPI platform over the next few months.

    The Reserve Bank of India (RBI) will receive a request from NPCI to move the policy announcement on the UPI front forward. NPCI is in discussions with SBI Cards, BoB Cards, Axis Bank, and Union Bank of India. UPI transactions, which up until now were tied to savings bank accounts, are mandated to be free, whereas credit card companies are permitted to charge up to 2 percent of a transaction as MDR, which is paid by retailers.

    -

    Thank You For Your Vote!

    Sorry You have Already Voted!

    Follow Onsitego on Facebook, Instagram, Twitter, and YouTube to get the latest news, reviews, maintenance tips, and videos about your favourite gadgets and appliances.

    Tags: RuPayUPI Payments
    SendShareTweet

    Discussion about this post

    Recommended

    Tecno Phantom X2 With Dimensity 9000 Processor, Phantom X2 Pro With Retractable Portrait Lens Launched: Price, Specs

    Tecno Phantom X2 With Dimensity 9000 Processor, Phantom X2 Pro With Retractable Portrait Lens Launched: Price, Specs

    16/12/2022
    Samsung Galaxy M04 With MediaTek Helio P35 Processor, 5,000mAh Battery Launched In India: Price, Specs

    Samsung Galaxy M04 With MediaTek Helio P35 Processor, 5,000mAh Battery Launched In India: Price, Specs

    16/12/2022
    Apple watchOS 9.2 Beta 2 Rolls Out To Developers

    Apple watchOS 9.2 Update Released, Brings Improved Battery Life On Apple Watch Ultra

    15/12/2022
    OPPO Reno 8 Pro 'House Of The Dragon' Limited Edition Launched In India: Price, Specifications

    OPPO Reno 8 Pro House Of The Dragon Limited Edition Smartphone Launched In India: Price, Specifications

    14/12/2022
    iQOO Neo 7 SE With 6.78-inch FHD+ 120Hz AMOLED Display, Dimensity 8200 Processor, 5,000mAh Battery Launched: Price, Specs

    iQOO Neo 7 SE With 6.78-inch 120Hz AMOLED Display, Dimensity 8200 Processor Launched: Price, Specifications

    14/12/2022
    Realme 10 Pro, Realme 10 Pro+ With 120Hz Display, 108MP Camera, 5,000mAh Battery Launched In India: Price, Specs

    Realme 10 Pro, Realme 10 Pro+ With 120Hz Display, 108MP Camera, 5,000mAh Battery Launched In India: Price, Specs

    14/12/2022

    About Onsitego

    • About Onsitego
    • What We Do
    • The Team
    • Write For Us
    • Talk To An Expert
    • Become An Affiliate Partner
    • Subscribe To RSS Feeds

    Water Purifier Services

    UV & RO Service in Mumbai
    UV & RO Service in Delhi NCR
    UV & RO Service in Bangalore
    UV & RO Service in Pune
    UV & RO Service in Hyderabad
    UV & RO Service in Chennai

    You Might be interested in

    • Air Conditioner Protection Plans
    • Refrigerator Protection Plans
    • Washing Machine Protection Plans
    • Television Protection Plans
    • Digital Camera Protection Plans
    • Laptop Protection Plans
    • Tablet Protection Plans
    • Mobile Protection Plans

    Our Servicers

    AC Repair & Service in Mumbai
    AC Repair & Service in Delhi NCR
    AC Repair & Service in Bangalore
    AC Repair & Service in Pune
    AC Repair & Service in Hyderabad
    AC Repair & Service in Chennai

    Laptop Repair Service in Mumbai
    Laptop Repair Service in Bangalore
    Laptop Repair Service in Delhi NCR

    • About
    • Contact

    © 2022 Onsitego Blog | Electronic news, views and reviews of the best selling gadgets and home appliances..

    No Result
    View All Result
    • Home
    • News
    • Reviews
    • Buying Guide
    • Explainers
    • How-To

    © 2022 Onsitego Blog | Electronic news, views and reviews of the best selling gadgets and home appliances..

    Get Onsitego's mobile app!

    Download