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News India Live, Digital Desk: Indian banking: UPI Payment, which has become an important part of our life today, is going to be even more powerful! The National Payments Corporation of India (NPCI) is bringing a new feature that will now be able to convert UPI transactions into EMI i.e. monthly installments. This will be a huge convenience for those who suddenly want to make big purchases but are not able to make full payment together. This facility will make digital transactions even easier and flexible.
What is this new facility and how will it work?
- EMI option: Under this new facility, if you are not able to arrange immediate money to meet a UPI payment, then you will have the option to convert it into EMI.
- Through the bank: This EMI facility will be provided by your bank or financial service provider. That is, you will be able to convert purchases made from UPI into installments under your bank’s terms and conditions.
- For large transactions: This feature will be particularly useful for those big expenses, where you have to buy something big and you do not want to pay the entire amount immediately.
- Payment simplicity: With this facility, consumers will get more freedom of payment and they will get a chance to take advantage of EMI without credit card.
Who will get the benefit of this facility?
- Both small businessmen and customers will benefit from this.
- Customers will now be able to buy expensive products easily, as they will have the option to convert payment into EMI.
- Traders will also benefit from this as this will increase their sales.
NPCI is constantly trying to make UPI more convenient and user-friendly. ‘EMI on UPI’ is a revolutionary step that will give a new dimension to digital payments in India. This will not only increase the power to buy people, but will also promote financial invoice. Its entire guidelines are yet to come, but it is clear that the coming time is going to be even better for digital payment.
