Lucknow Press
If you also use UPI, then this news is useful for you. For the first time, UPI users are going to get the benefit of such a facility, which will be a completely new experience for you. Now you too will be able to spend freely through UPI, whether you have money in your pocket or not.
Yes, National Payments Corporation of India (NPCI) is bringing a new system through UPI in the country, this method will work exactly like a credit card. The entire system will be based on Buy Now, Pay Later.
These banks started this facility after RBI’s permission
According to the news published in Times of India (TOI), Reserve Bank of India (RBI) has allowed banks to provide credit line to customers through UPI. Many banks including Axis Bank, HDFC Bank, ICICI Bank, Indian Bank and PNB are providing this new facility. In the credit line, the customer gets a loan up to a fixed limit and has to pay interest only on the amount spent. In this new facility of UPI, you can shop directly from your bank account without any money being deducted.
No extra fee from customers
This facility will work like a credit card. Its payment has to be made at a fixed time. Currently, this credit can be used only for shopping at shops. When a customer uses this facility, the shopkeeper will have to pay the fee charged on this service. You will not have to pay any extra fee for this new facility. This is a new feature of UPI, to use which you do not need to use any new system or new process.
