The facility related to the credit card of the National Payments Corporation of India (NPCI)'s UPI platform is seeing an increase in the facility. In this, transactions worth about Rs 10,000 crore are taking place in a month.
The facility related to the credit card of the National Payments Corporation of India (NPCI)'s UPI platform is seeing an increase in the facility. In this, transactions worth about Rs 10,000 crore are taking place in a month. NPCI Chief Executive Officer (CEO) and Managing Director Dilip Asbe also told reporters here that the pre-approved loan facility on UPI (Unified Payment Interface) is also gaining momentum and up to Rs 200 crore is being distributed through it every month.
NPCI launched the credit card facility in November 2022. Under this, a user can link his credit card to the app. This adds all the monthly payments to the credit card bill. Many lenders are now offering credit card facilities. Asbe said that ICICI Bank is the leader when it comes to the pre-approved 'credit limit' facility on UPI. About half a dozen banks have started this facility for their customers. This has come to light at a time when concerns are being raised over the rapid increase in loans considered unsecured like credit cards and personal loans. UPI is a widely used platform. It had 46.6 crore transactions in July. He also said that the Central Bank Digital Currency (CBDC) is not intended to compete with UPI. CBDC has many features that will prove to be very useful for India.
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