How To Pay Credit Card Bill, Apply For EMIs, Increase Limit Via UPI app? Know More Over Here
The new feature on UPI will enable the users to convert their past purchases made through credit account into EMI through the linked UPI App from transaction history.
NPCI in its press release on March 29, 2024, stated that RuPay credit cards and pre-sanctioned credit lines can now be linked on UPI, enabling safe and secure payment transactions. It will help the customers to convert their earlier purchases done through credit account, into EMI and also to pay credit card bill or increase limits.
NPCI said “This has provided users with the ease and increased opportunity to use their credit cards and pre-sanctioned credit line, and merchants have benefitted from the increase in consumption by being part of the credit ecosystem with acceptance of credit accounts using QR codes.” reported Economic Times.
NPCI added that “To further enrich the offerings to customers and merchants on credit accounts (RuPay Credit Card on UPI and Credit Line on UPI), the following new features are now introduced.”
How will UPIs New Feature Will Help Customers?
The new feature on UPI will enable the users to convert their past purchases made through credit account into EMI through the linked UPI App from transaction history.
Will UPI New feature Work For Current EMIs?
In the correct section of the UPI app, you can see your EMIs. Users can not change or remove the EMI as it is considered as a loan.
How To Pay Credit Card Bills Using UPI?
Through UPI users can make one-time payments or set up UPI AutoPay so they can make payment of past-due credit card bills and credit line installments, Users can pay the bills for themselves and also for other users.
- Create UPI ID to receive credit account bill/ installment payment.
- Ideally, UPI App will provide details of linked credit card outstanding bill/ credit line installment details (i.e. minimum amount due, total amount due, bill due date etc). So users can cross verify all the details over here with linked credit cards.
- According to the NPCI release, Issuer banks should clear the dues on a real-time basis after receiving payments, and make the enhanced balance available to the user for usage.
How To Increase Limits Using Credit Cards?
- Users can request an increase in their credit limit by the issuing company.
- Users will have lower limits initially, to utilize this option for emergency purchases
- As per the user’s spending patterns, issuing banks can increase the limit.
- This functionality to change credit limits, through UPI Apps, can be only for a specific time and will only be done after explicit consent from the user after entering UPI pin.
