New Delhi: If you use UPI, you’re in for a treat. The expansion of features for UPI users is constantly having a significant impact. The National Payments Corporation of India is now preparing to make UPI even more convenient for credit payments.
Users can also convert high-value payments into EMIs by linking their credit cards or credit lines to UPI. Following RuPay credit cards and UPI credit, NPCI is rapidly preparing to offer the ability to convert UPI payments into EMIs. This will bring significant benefits to users. Users already enjoy many features. Learn about these important details.
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Learn how the EMI feature works.
Emi options are available for card payments at the time of purchase at a PoS terminal. With UPI payments, users will also have the option to choose EMI instantly. This means that even those without credit cards can easily avail financing through UPI. Meanwhile, the EMI feature on UPI is not yet live.
According to a report, once implemented, NPCI may use it to increase credit transactions. RuPay credit cards and credit lines on UPI have become quite popular. Many banks are already working with fintech companies like Navi and Paytm to offer credit lines to UPI users.
What are the fintech companies preparing for this?
Navi’s Chief Executive Officer, Rajiv Naresh, stated that they are not yet live with the EMI feature. In the upcoming version, customers will be able to convert payments into EMI by scanning a QR code.
Also, according to PayU CEO Anirban Mukherjee, UPI is moving towards becoming not just a payment method but a full-fledged payment system. The introduction of EMI features will make it even more useful and convenient.