On September 4, the Reserve Bank of India expanded the UPI payment system to allow transactions between pre-approved banks.
Unified Payments Interface (UPI) has become an important part of our daily business.
Payment can be easily made within seconds by using net banking and linking to a UPI account. Some users and businesses have switched to UPI payments due to ease of transaction and procedure.
Now you can make UPI transactions only if you have sufficient balance in your bank account or UPI wallet. But now you can pay via UPI even if you don’t have enough money.
What RBI said
On September 4, the Reserve Bank of India announced the extension of UPI payments to allow transactions with credit limits approved by banks.
“According to this regulation, payments are made on a pre-approved basis.
The RBI said that banks issued by commercial banks for individuals can use the UPI system for transactions with the customer’s prior approval.
The bank has stated that these conditions include credit limits, loan conditions, and interest. He added that it will include rates and more.
UPI Pay Later
UPI Pay Later is a feature that allows users to pre-apply and then pay through UPI transactions.
So far, HDFC Bank and ICICI Bank have launched this feature called HDFC UPI Now Pay Later and ICICI Pay Later.
This feature is available on Google Pay, Paytm, and PhonePe apps. After receiving permission from the user, the bank will determine the credit limit.
Bank loans are limited. Users can consume content in real-time and pay membership fees.
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