After allowing the RuPay credit card to be linked to Unified Payments Interface (UPI), enabling payment through credit on UPI, the Reserve Bank of India (RBI) has proposed expanding the scope of the payments platform by enabling transfer to/from pre-sanctioned credit lines at banks.
This means the UPI network will facilitate payments financed by credit from banks. According to the RBI, this can reduce the cost of such offers and help in developing unique products for Indian markets.
Industry experts are of the opinion with this feature the use of UPI on the credit side will go up, translating into increased access to institutional credit. Further, many are seeing this as a substitute for the credit card.
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