RBI in February this year had granted in-principle approval to 32 entities including Amazon Pay India, Google India Digital Services, Zomato Payments, Razorpay Software, Reliance Payment Solutions, etc., to operate as online payment aggregators.

Payment aggregator, also known as merchant aggregator, is a third-party service provider or a middleman that allows merchants to accept payment through cash/cheque, e-wallets, online payments, credit or debit card payments, cash cards, etc., from customers through various bank accounts or financial institutions without the need to set up a merchant account in each bank. As per the RBI Payments Vision for 2025, credit-based payment transactions are likely to increase by 16 per cent year-on-year for the next four years.Īlso read: Merchant credit card for MSME traders soon The credit card-UPI linkage will benefit merchants, particularly those in semi-urban areas where card point-of-sale (PoS) terminals are not widely available, said NPCI.

UPI has attracted over 250 million unique users and five crore merchants over the last few years. The support of all partners has been instrumental in helping us achieve this,” said Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives, NPCI.īansal said NPCI will aim to explore more relevant avenues to promote the adoption of digital payments via credit cards on UPI.

“After the RBI’s decision to start linking RuPay credit cards to UPI, we immediately started enabling leading payment aggregators to boost merchant acceptance and customer awareness in a bid to attract early and widespread adoption. Parliamentary panel suggests separate division for micro enterprises in MSME ministry here’s why

Google pay with credit card