RBI in its monetary policy meet announced certain regulatory measures like always. The coolest announcement in my opinion was the linking of UPI to credit cards. (currently applicable to rupay cards)
The benefits are obviously evident…What needs to be seen though is …is it a game changer for the industry or is it just another feature which eases the user experience.
your initial thoughts on this?
Won’t have any material impact. Rupay Iis a marginal player in credit card segment. They mostly sell debit cards.
I also think its a game changer , and will increase UPI transactions and ease of transactions. This move will make UPI as monopoly in small transactions and also increase credit cards usages.
I think credit cards have huge advantages over debit cards if used wisely. It increases your credit score ( if you are making payments regularly), lots of security and checks over debit cards
Absolutely. It does make it more appealing to me and all my family members.
Only after all credit cards are allowed. Currently only Rupay credit card is allowed. How many people have Rupay CC?
Well. I am already considering using credit card limits to earn nominal returns. At least SB interest.
Am sure there will be some catch. Anyways. Lets wait for more details.
They might block this loophole. In early days of wallet, i used to exploit credit cards to the max. Those were the days when credit card to wallet transfer and to savings account was free. You can transfer money from credit cards to wallets like payzapp, citrus, mobikwik. Thereafter,.i transfer to my savings account.
I started to max my card transfer to the extend that i started to get calls from the bank, as to what the transfers were. I levelled up my reward points. There was even a kotak pvr card, where I get 2 pvr tickets every month if i spent 14k each month. Now, i just have to transfer 14k worth to my wallet then to savings account.
I knew this loophole was too good to be true. Then restrictions came. Thereafter they charge levied more than 2% for each credit card to bank transfer. The dream run was evidently over.
Those were the days of 2009-2010.
So, i get the feeling that banks won’t let exploit cards without really spending.
Yes. Even I was aware of this. Thats why I said there has to be some catch.
But even now I am exploiting a loophole.
There is a swiping machine from Bharatpe which doesnt charge for transaction.
So on the first day I swipe ny credit card. The amount gets credited to ny current account on 15th day without any charges. From there I transfer to my savings account, use it for 30 more days and repay credit card dues. And cycle repeats.
Just by doing this I have accumulated so many reward points that my air travel in the last 6 months has been only out of these points.
Some small addtional SB interest because of better average balance.
On weekly expiry days, I sell very deep OTMs for 1 point on both calls and puts and let them expire worthless.
If your swiping and money comes into your current account ,won’t that transaction count as income( i assume it’s your companys current account)?
more like Loan to company 
How do you explain loan from POS machine to IT department that to from credit card? Small amount may not get traced but i don’t think it would be easy to explain as you are never returing money just circling back from one account to another.
hardly know someone who has a rupay credit cards
Me neither, But let see how this can unravel in the near future!!
Who knows if this UPI linking facility ends up increasing the sale of Rupay Credit Cards
Nah. Its loan given to the firm. And after 15 days its repayment of loan.
Its all accounted. No issue at all.
If need arises I will personally go to the IT department 
Cool , Mr ‘RockStar’ CA 
IT department has started faceless assesment. Please make use of that. Don’t waste time by going personally.
I do pay them visit on regular basis anyways.
There’s a podcast by Finshots daily on this topic.
I think only cash limit can transfer and also may have charges…/