look news india
It often happens in life when we do not have money for immediate expenses and we have to go to a known shopkeeper to buy goods on credit. But soon this problem will end.
The National Payments Corporation of India (NPCI) is soon set to launch a major facility for consumers using UPI. After the launch of the new feature, your UPI account will work like a credit card, where the customer can easily make payments through UPI even if there is no money in his account. According to NPCI, now the users' UPI account will work like a credit card and every customer will get a credit line based on their CIBIL score. That credit can be used only on the merchant. In return, the bank will also charge a certain interest. NPCI has already spoken to several government and private banks in this regard and those banks have also agreed. So far ICICI, HDFC, PNB, Indian Bank and Axis Bank are ready.
The problems of shopkeepers have also ended.
This facility will not only benefit customers but also shopkeepers. Currently, shopkeepers have to pay a charge of about two percent on payments of more than Rs 2,000 through credit card. After availing credit line in UPI, no such charge has to be paid. The difference is that you do not have to pay interest on the card while you have to pay interest on UPI line of credit.
cost equivalent interest
You will not have to pay any interest on the credit line through UPI until you use the funds. You will have to pay interest only on the amount used. This will work like an overdraft facility. Suppose you get a credit line of 20 thousand but if you spend 10 thousand then you will have to pay interest only on 10 thousand.
