At present some banks are providing the facility of Credit Line on UPI. Amazon Pay, the payments and financial services arm of leading e-commerce company Amazon, is planning to launch Credit on UPI facility in the first half of 2024.
New Delhi. The trend of digital payment is increasing in the country. For digital payment, a facility like Unified Payment Interface i.e. UPI gives you the facility of easy money transfer sitting at home. Usually people make UPI payment through bank account or Rupay Credit Card. However, now you can make UPI payment even if you do not have money in your bank account or do not have Rupay credit card. At present some banks are providing the facility of Credit Line on UPI. Soon, Amazon Pay users are going to get the facility of ‘Credit on UPI’.
Let us tell you that Amazon Pay, the payments and financial services arm of leading e-commerce company Amazon, is planning to launch Credit on UPI facility in the first half of the year 2024. Through this facility the company aims to expand the use and coverage of credit.
The process will be very easy
When Amazon Pay users make UPI payment to the merchant, apart from bank account, Rupay credit card, they will get the option of ‘Credit on UPI’. A bill will be generated for all payments made through ‘Credit on UPI’ during a certain period, which users will have to pay by the specified date.
What is Credit Line On UPI
For the convenience of users, National Payment Corporation of India (NPCI) has started the service ‘Credit Line On UPI’ to link credit line with Unified Payment Interface (UPI). With this, UPI payment can now be done very easily. Let us tell you that in April, the Reserve Bank of India (RBI) had also announced the inclusion of Pre-Sanctioned Credit Line issued by banks for transactions in the UPI system. At present, savings account, overdraft account, prepaid wallet and RuPay credit card can be linked to the UPI system.
UPI facility was started in the year 2016
UPI payment system was started in the year 2016. The UPI system is operated by the National Payment Corporation of India (NPCI). UPI is a real time payment system. To send money to someone, you only need his mobile number, account number or UPI ID or UPI QR code. You can do banking 24×7 through UPI app. For online shopping through UPI, OTP, CVV code, card number, expiry date etc. are not required.
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