The National Payments Corporation of India (NPCI) is now preparing to make UPI even more convenient for credit payments. Under this, users will be able to convert high-value payments into EMIs by linking their credit cards or credit lines with UPI.
After RuPay credit cards and UPI credit lines, NPCI is now preparing to offer the ability to convert UPI payments into EMIs.
How will the EMI feature work?
Just like card payments provide EMI option at the time of purchase at PoS terminals, UPI payments also provide users with the option to choose EMI instantly. This will enable users who do not have a credit card to easily avail financing through UPI.
When will it start?
The EMI feature on UPI is not live yet. According to reports, once implemented, NPCI may use it to increase credit transactions on UPI.
Why is it important?
RuPay credit cards and credit lines on UPI have become quite popular. Many banks are already partnering with fintech companies like Navi and Paytm to offer credit lines to UPI users.
Navi CEO Rajiv Naresh, who is preparing for fintech companies
, says that although they are not yet live with the EMI feature, in the next version customers will be able to convert the payment to EMI when scanning the QR code (subject to certain terms and conditions).
According to PayU CEO Anirban Mukherjee, UPI is moving from just a payment method to a complete payment system. The introduction of features like EMI will make it even more useful and convenient.
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