PhonePe has unveiled its new “Credit Line on UPI” feature,
PhonePe has unveiled its new “Credit Line on UPI” feature,
PhonePe has unveiled its new “Credit Line on UPI” feature, allowing users to link pre-approved credit lines to their UPI accounts for seamless transactions. This addition enhances the UPI payment system by integrating short-term credit options, enabling consumers to manage monthly expenses more flexibly while shopping at millions of merchants.
This update comes in response to the Reserve bank of India‘s (RBI) recent expansion of UPI’s capabilities to include pre-approved credit lines. The new feature aims to streamline payment processes and provide greater convenience for both users and merchants.
Key Points:
Seamless Integration: Users can link their pre-approved credit lines to UPI on PhonePe, facilitating easy and flexible payments for everyday transactions.
Enhanced Merchant Experience: Merchants using PhonePe Payment Gateway can now offer the credit line option at checkout, reducing cart abandonment and potentially increasing sales.
User-Friendly Setup: To activate the feature, users need to link their credit line via the PhonePe app, set a UPI PIN, and then select the credit line as a payment method during transactions.
Deep Agrawal, Head of Payments at PhonePe, highlighted the significance of this feature, noting it as a continuation of PhonePe’s commitment to innovative wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment solutions. The new functionality follows the successful integration of Rupay Credit Cards on UPI, further advancing the convenience and scope of digital payments in India
This update comes in response to the Reserve bank of India‘s (RBI) recent expansion of UPI’s capabilities to include pre-approved credit lines. The new feature aims to streamline payment processes and provide greater convenience for both users and merchants.
Key Points:
Seamless Integration: Users can link their pre-approved credit lines to UPI on PhonePe, facilitating easy and flexible payments for everyday transactions.
Enhanced Merchant Experience: Merchants using PhonePe Payment Gateway can now offer the credit line option at checkout, reducing cart abandonment and potentially increasing sales.
User-Friendly Setup: To activate the feature, users need to link their credit line via the PhonePe app, set a UPI PIN, and then select the credit line as a payment method during transactions.
Deep Agrawal, Head of Payments at PhonePe, highlighted the significance of this feature, noting it as a continuation of PhonePe’s commitment to innovative wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital payment solutions. The new functionality follows the successful integration of Rupay Credit Cards on UPI, further advancing the convenience and scope of digital payments in India