Credit Line On UPI: Amazon Pay wants to offer ‘Credit on UPI’ to users and is working with National Payments Corporation of India (NPCI) for this.
New Delhi. The trend of UPI payment is increasing in the country. Usually people make UPI payment by linking their bank account or Rupay Credit Card with UPI apps. 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. Actually, Amazon Pay, the payments and financial services arm of the leading e-commerce company Amazon, wants to offer ‘Credit on UPI’ to the users and is working with National Payments Corporation of India (NPCI) for this.
According to a report in Financial Express, Vikas Bansal, Whole Time Director of Amazon Pay India, said, “One of our stated objectives is to innovate in partnership with NPCI. Credit on UPI is a big initiative. “So we are very actively focusing on how we continue to enhance the customer experience and value proposition.”
What is Credit Line On UPI
RBI had also announced to include Pre-Sanctioned Credit Line issued by banks for transactions in the UPI system in April 2023. Now some banks have started ‘Credit Line On UPI’. Currently, Savings Account, Overdraft Account, Prepaid Wallet, Pre-Sanctioned Credit Line/Credit Line on UPI and RuPay Credit Card can be linked to UPI apps.
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.
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