BharatPe Flex: New technologies are constantly emerging in the online transaction space, offering significant benefits to the public. Recently, the fintech and payment gateway company BharatPe launched ‘BharatPe Flex,’ a service designed to offer substantial advantages. It enables customers to make UPI payments using a credit line, ensuring a seamless and hassle-free experience.
This new ‘Credit-on-UPI’ solution has been launched in partnership with Yes Bank. A key highlight is that customers can make payments within the existing UPI ecosystem. This covers a wide range of expenses, including bill payments, fuel purchases, online transactions, shopping, QR code-based payments, travel, and other daily expenditures. The app has been launched at a time when UPI has established itself as the country’s leading digital payment platform.
What is BharatPe Flex?
BharatPe Flex is a ‘Credit-on-UPI’ product that allows customers to make UPI payments based on a pre-approved credit line. This means that even if a customer lacks sufficient funds in their bank account, they can still make payments via UPI and settle the amount later. The service leverages YES BANK’s credit and payment infrastructure to provide a fully digital experience.
Key Features of BharatPe Flex
Interest-free credit for up to 45 days
Eligible customers receive up to 45 days of interest-free credit. This allows customers to spend first and pay later.
Payments via UPI everywhere
Users can utilise this facility for QR code scans, online shopping, bill payments, mobile recharges, travel bookings, and other daily expenses.
EMI payment option
Customers have the flexibility to either pay the outstanding amount in full or convert it into EMIs ranging from 3 to 12 months.
Fully digital onboarding
The application, KYC, and activation processes are entirely digital. Eligible customers can receive approval within minutes. Monitoring Spends and Credit Limits
Users will be able to view details regarding their spending, available credit limit, billing, and repayments in real-time via the BharatPe app.
How will BharatPe Flex work?
Under BharatPe Flex, customers are provided with a pre-approved credit line. When making a UPI payment, the amount is paid from the credit line instead of being deducted directly from the bank account. Subsequently, the customer can either repay the full amount within a specified timeframe or opt for EMIs. This model is considered a blend of traditional ‘Buy Now Pay Later’ (BNPL) and UPI payments.
