Amazon's Latest Breakthrough! UPI Payments Possible Even with Empty Bank Accounts, Check How

Amazon Pay: In the nation, the use of digital payments is growing. With digital payments, you can easily transfer money from the comfort of your home with a service like the Unified Payment Interface, or UPI. People typically use their bank account or Rupay credit card to make UPI payments.

Introduction of Credit on UPI by Amazon Pay

Nevertheless, you can now use UPI to make payments even if your bank account is empty or you don't have a Rupay credit card. Currently, a few banks offer the Credit Line on UPI feature. Users of Amazon Pay will soon have access to "Credit on UPI." Let us inform you that in the first half of 2024, Amazon Pay, the payments and financial services division of the world's largest online retailer, intends to introduce the Credit on UPI facility. The company wants to increase credit coverage and use through this facility.

Expansion of Payment Options on Amazon Pay

Users of Amazon Pay will have the option to "Credit on UPI" in addition to their bank account or Rupay credit card when they make UPI payments to merchants. All payments made through "Credit on UPI" within a given timeframe will result in a bill, which users must pay by the deadline.

Introduction of 'Credit Line On UPI' by NPCI

The National Payment Corporation of India (NPCI) has launched the service "Credit Line On UPI" to connect credit lines with Unified Payment Interfaces (UPI) for the convenience of users. This makes making UPI payments very simple. Let us remind you that the Reserve Bank of India (RBI) had previously declared in April that bank-issued Pre-Sanctioned Credit Lines would now be accepted for use in UPI transactions. Currently, the RuPay credit card, savings account, overdraft account, and prepaid wallet can all be connected to the UPI system.

Inception of UPI in 2016

The UPI payment system went live in 2016. The National Payment Corporation of India (NPCI) is in charge of running the UPI system. A real-time payment system is UPI. You only need the recipient's mobile number, account number, UPI ID, or UPI QR code in order to send money to them. The UPI app allows you to bank around-the-clock. OTP, CVV code, card number, expiry date, etc. are not needed when using UPI for online purchases.

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