UPI Credit/Credit Line on UPI: RBI had proposed to expand the scope of UPI in April 2023 and under this, announced to include pre-sanctioned credit lines issued by banks in the UPI system. Did. The ‘Credit Line on UPI’ feature was introduced on September 6, 2023 at the Global Fintech Fest.
New Delhi. Unified Payment Interface (UPI) has emerged as the most popular payment method in the country. From neighborhood vegetable shop to mall, you can easily make UPI payment from your mobile. Considering its popularity, new features are being added to it. Last year, the facility to link Rupay Credit Card was started in the UPI app. Do you know that even if you do not have enough money in your bank account or do not have a Rupay credit card, you can still make UPI payment. Actually, now you can spend from pre-approved credit line issued by select banks and make repayment to the bank later. Currently, the feature of UPI Credit has gone live on the BHIM app operated by National Payment Corporation of India (NPCI).
If you understand in simple language, even if you do not have money in your account or do not have Rupay credit card, you can still make UPI payment from the credit limit issued by your bank (UPI Credit/Credit Line on UPI). Then after some time a bill will be generated which you will have to pay to the bank. At present, 6 banks like Axis Bank, HDFC Bank, ICICI Bank, Paytm Payments Bank, PNB and SBI are visible live in the list of banks issuing UPI credit on BHIM app. If you have been issued credit by these banks, then you can go to the profile of BHIM app and select UPI Credit and then select the concerned bank and start the service. It is worth noting that when you link a bank account or RuPay credit card to the UPI app, for the first time you have to create a 4 or 6 digit UPI PIN, similarly when you link UPI credit to the BHIM app, then you have to create a UPI PIN for the first time. For this also you will have to create UPI PIN.
UPI Credit/Credit Line on UPI feature was introduced at Global Fintech Fest
Let us tell you that RBI had proposed to increase the scope of UPI in April 2023 and under this, it had also announced to include pre-sanctioned credit lines issued by banks in the UPI system. The ‘Credit Line On UPI’ feature was introduced on September 6, 2023 at the Global Fintech Fest. Till now you could link only your savings account, overdraft account, prepaid wallet and Rupay credit card to the UPI system.
UPI facility was started in the year 2016
UPI payment system was started in the year 2016. NPCI operates the UPI system. 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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