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New Delhi:- Many times people do not have money for immediate expenses and have to bless the shopkeeper to buy goods on credit. This problem of people is going to end soon. National Payment Corporation of India is preparing to launch a new facility of credit line for customers using UPI. After the launch of this facility, your UPI account will start working like a credit card. With this, people will be able to easily pay shopkeepers through UPI even if there is no money in the customer's bank account.

NPCI says that the user's UPI account will work as a credit card and every customer will get a credit line according to his CIBIL score. This credit can be used only with merchants and shopkeepers. However, in return, the banks will also charge a certain interest. For this, NPCI talked to many private and government banks who have agreed to it. For the credit line facility, NPCI has so far got the support of ICICI Bank, HDFC, PNB, Indian Bank and Axis Bank.

Shopkeepers also benefit

This facility will benefit not only the customers but also the shopkeepers. Currently, shopkeepers have to pay around 2 percent charge for payment of more than Rs. 2,000 through credit card. After getting a credit line in UPI, such fees will not have to be paid. Although customers do not have to pay interest for 30 to 45 days on purchases made through credit card, but in UPI credit line, customers will have to pay interest.

Interest is equal to the cost

You will not have to pay any interest on the credit line provided in UPI until you have used the funds. You will have to pay interest only on the amount of funds you use. This will work like an overdraft facility. Suppose you got a credit line of Rs 20,000 and used only Rs 10,000, then you will have to pay interest only on Rs 10,000.

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