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You can now send money even if you have zero balance in the account.. Introducing a new facility!

samayam | July 15, 2024 8:47 AM CST

Credit facility is introduced through UPI remittance mode. Now you can use it like a credit card.

Many people have faced this problem. They ask the shopkeeper for time to buy goods on credit without money for immediate expenses. But this problem of common people is going to end soon. National Payments Corporation of India (NPCI) will soon introduce a major facility for customers using UPI.

After introducing this facility, your UPI account will work like a credit card. With that, customers can easily make payments through UPI even if they don't have any money in their account.

National Payments Corporation of India has introduced this facility to provide relief to customers in the matter of cash transactions. It is going to introduce a new product that works like a credit card. For this, RBI has allowed banks to provide loans to customers through UPI.

Reserve Bank of India has approved lending through UPI. It is said that UPI will act like a credit card. Through this we can borrow up to the specified limit in the line of credit. Interest is payable only on the amount spent. But this should be paid on time. There are no additional charges for using a line of credit.

As of now this facility can only be used for shopping. There is no need to follow any new process. This facility is currently available to select bank customers. Customers of Axis Bank, HDFC Bank, ICICI Bank, Indian Bank and PNB can avail this facility.

After this facility comes, all the beneficiaries are waiting for this as the money senders will get more relief through mobile app. It is also expected that more people will switch to UPI system.