Linking Credit Cards To UPI Is An Event: ICICI Securities


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The regulator (Reserve Bank of India) has proposed to allow linking of credit cards to Unified Payment Interface. This facility will start only with RuPay credit card limiting the scope as of now.

However, this is a landmark feat considering it can open up a big payment universe.

UPI had a monthly payment of Rs 9.6/9.8 trillion in March/April 2022 compared to ~Rs 1 trillion of credit cards in March/April 2022.

The possible monetisation opportunity will depend on the fine print of the execution. There is also the question of potentially different target universe for UPI and credit card payments. Additionally, there are important changes within the credit card universe with one of the key new age credit card players scaling down instalment payment features.

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