UPI Now Pay Later: Approval has been given for the new facility in Unified Interface Payment System i.e. UPI. Now there is ‘UPI Now Pay Later’. That means you will be able to make payments from your credit line even at zero account balance. The amount you pay is from this limit. You can pay it to the bank later
UPI Now Pay Later: Now even if you have ‘zero balance’ in your bank account. Even then payment can be made through UPI.
UPI Now Pay Later: If you do not have money in your bank account, but use Unified Interface Payment System i.e. UPI, then be tension free. You can make payment through UPI even if you do not have money in your bank account. Actually, the Reserve Bank of India (RBI) has now approved to offer credit line service for UPI users. After this, you can make UPI payment instantly even if your bank account is empty. This will be known as ‘UPI Now, Pay Later’ service. In this service, bank customers get the facility to make payments through UPI even if their bank accounts are empty.
Let us tell you that earlier the users using UPI had the facility to link only their savings account, overdraft account, prepaid wallet and credit card with UPI. But now credit line limit can also be used for UPI payment.
The new feature will work like this
To use this facility, banks first need to obtain customer approval for the credit line. After this the credit limit is decided. Now suppose you have to make a payment somewhere, then you can make that payment using the already approved limit. After this payment, you will also be given some time to repay the money spent. No charge of any kind will have to be paid on payment during this period. RBI has asked all banks to add this facility with UPI.
This is how the credit line will be decided
Banks will decide the credit line limit for customers. Many factors like customer’s payment history, credit history etc. will matter in this. This facility can be availed from Google Pay, Paytm, Mobikwik, Phone Pay and other UPI apps.
Strong increase in popularity of UPI
The popularity of UPI is increasing day by day. Today, UPI scanners are installed everywhere in the country, from small shops, carts to vegetable vendors. Through which online payment can be done easily. India’s UPI is being discussed not only in the country but also abroad. In view of this, changes are being made in UPI by adding many new features. So that users can get maximum benefit. Now, through this credit line limit, UPI Now Pay Later facility can prove beneficial for the people.