The inclusion of the two largest card networks is expected to benefit all stakeholders, but NPCI, which runs the digital payments system, may have other ideas.
The Reserve Bank of India is formulating a plan to allow credit cards issued by card networks Visa and Mastercard to be linked to the Unified Payments Interface, according to three industry executives aware of the matter. The banking industry is expecting an official announcement from the central bank before the end of the financial year 2022-23, say two of these executives.
Currently debit cards and only select credit cards powered by the National Payments Corporation of India’s RuPay network are allowed to be synced with the popular digital payments system. The move to open up over 70 million active …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi