look news india
New Delhi. The trend of UPI payment is increasing in the country. Usually people make UPI payments by linking their bank accounts or RuPay credit cards to UPI apps. However, you can now make UPI payments even if you do not have money in your bank account or do not have a RuPay credit card. At present some banks are providing credit line facility on UPI. Actually, the payments and financial services arm of leading e-commerce company Amazon wants to offer 'Credit on UPI' to Amazon Pay 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, 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 focused on how we continue to enhance the customer experience and value proposition.”
What is credit line on UPI?
RBI had also announced the inclusion of pre-approved credit lines 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-approved 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.