Credit Line on UPI : Transforming Digital Payments in India
Credit Line on UPI: Transforming Digital Payments in India The Unified Payments Interface (UPI) has revolutionized digital transactions in India, making peer-to-peer and merchant payments seamless. Now, with the introduction of Credit Line on UPI , the system is set for another major transformation. This new feature allows users to access a pre-approved credit limit from banks and use it for UPI transactions, just like a digital credit card. What is Credit Line on UPI? A credit line on UPI is a pre-approved loan facility provided by banks that can be used for making UPI payments. Instead of paying directly from a savings account or a wallet, users can utilize their bank-approved credit limit for transactions and repay later. Unlike traditional loans, this credit is: Instantly available through UPI-linked accounts Interest-free for a limited period (varies by bank) Flexible in usage – can be used for merchant payments, bill payments, and more How Does It Work? ...