New Delhi. Currently, Unified Payment Interface (UPI) is a very popular mobile payment method for digital payments. New features are being added to it every day.
Now you will be able to make UPI payment even if there is no money in your bank account. For this, the National Payment Corporation of India (NPCI) announced the facility of Credit Line on UPI at the Global Fintech Fest. Currently this facility is live with select banks and select UPI apps.
The Reserve Bank of India (RBI) had also announced the inclusion of pre-sanctioned credit lines issued by banks in the UPI system for transactions. Currently savings account, overdraft account, prepaid wallet and Rupay credit card can be linked to the UPI system
UPI facility was started in the year 2016.
UPI payment system was started in the year 2016. The UPI system is operated by the National Payment Corporation of India (NPCI). UPI is a real time payment system. To send money to someone, you only need his mobile number, account number or UPI ID or UPI QR code. You can do 24×7 banking through the UPI app. For online shopping through UPI, OTP, CVV code, card number, expiry date etc. are not required.
Launching Credit Line on UPI at #GFF2023.
Conquering everyday dilemmas and making dreams come true. Ab India nahi rukega, Credit Line on UPI chalega.#NPCIGFF2023 #GFF2023 @IAMAIForum @pciupdates @fccupdates @gff_2023 pic.twitter.com/5OHs7OdTDu
— NPCI (@NPCI_NPCI) September 6, 2023
More than 10 billion transactions done through UPI in August
The number of transactions through UPI has crossed 10 billion in August. Recently NPCI had given this information. According to NCPI data, on August 30, the number of UPI transactions reached 10.24 billion. The value of these transactions was Rs 15,18,456.4 crore. The number of UPI transactions in July was 9.96 billion while in June it was 9.33 billion.
