Credit card-UPI linking: Is it a good move?
While hailing RBI’s decision on linking credit cards with UPI, industry stakeholders are seeking greater clarity from the regulator on certain contentious issues, particularly on merchant discount rates or MDR.
Hello Readers,
In a move to make the Unified Payment Interface (UPI) more inclusive, the Reserve Bank of India allowed credit cards to be linked to the payments platform, starting with the indigenous RuPay credit cards.
Welcoming the development, many industry stakeholders YourStory spoke to said that the move would benefit small businesses.
"If this takes off, we would have 10x merchants accepting credit cards in India in a few years," said Shashank Kumar, CTO and Co-founder at .
However, the guidelines don't throw light on how merchant discount rates (MDR) will be applied for UPI transactions via credit cards. There are also questions around P2P (person-to-person) UPI transactions, merchant re-enrollments, and security.
The Interview
In a freewheeling conversation with YourStory, Shivadeep Mahadi, Ajaykumar Rajakumar, and Shashi Tripathi, Co-founders of , discuss the nuances of the logistics space and how they’re redefining the automating outbound express logistics landscape in India.
Editor’s Pick: 100X Entrepreneur
With an aim to impart quality teaching, Sandeep Jain left his engineering job to enter academics and also started a blog to help engineering students prepare for placements.
His love for teaching inspired him to create , a platform which is used by 22 million developers and aspiring developers from around the world every month. Read more.
Startup Spotlight
The COVID-19 pandemic has forced many of us to move towards living a more healthy lifestyle.
To take the vegan lifestyle to more Indians and beyond Tier I cities, husband and wife—Vipen and Nidhi Jain—along with their ex-colleague from Standard Chartered Bank, Hinah Sawhney, launched in January 2020. Read more.
News & Updates
- Deepinder Goyal, MD and CEO at food delivery app , has voluntarily forgone his salary for the financial year that ended on March 31, 2022. Following the suit, CFO Akshant Goyal has also waived off his salary w.e.f January 1, 2022, till March 31, 2022.
- Payments gateway company PayPal rolled out a new feature that allows users to transfer crypto to other PayPal wallets. With this new feature, users can also transfer cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, to other exchanges and wallets.
- US vaccine producer Novavax has announced it will be partnering with the Serum Institute of India (SII) to manufacture supplies of the shot for American recipients. Novavax vaccines are already available in Europe, Australia, and Canada.
- The Reserve Bank of India has hiked the repo rate by another 50 basis points (0.50 percent), making lending costlier as it seeks to tame India's stubborn inflation rate. It has projected the inflation rate to be 6.7 percent for FY23, up from 5.7 percent earlier. GDP forecast is retained at 7.2 percent.
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