The National Payments Corporation of India (NPCI) has unveiled new features for the RuPay Credit Card on the Unified Payments Interface (UPI) platform, alongside enhancements for credit lines on UPI. The changes are scheduled to be enabled by players by May 31, 2024.
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Among the key highlights of these features is the introduction of EMIs (Equated Monthly Installments), which will allow users to apply for an EMI facility directly through their linked credit accounts on the UPI app.
As per a new feature, users will get the flexibility to convert past purchases made using their credit accounts into EMIs through the UPI app’s transaction history. The option to convert purchases into EMIs at the time of transaction adds another layer of convenience. To make sure users remain informed about their financial commitments, the UPI app will display existing EMIs prominently.
Users will now also be able to manage credit account bill payments and instalments. The new feature enables users to make one-time payments or set up UPI Autopay for the hassle-free settlement of outstanding credit card bills or credit line instalments. This functionality extends to payments for self as well as others.
NPCI has also introduced streamlined limit management capabilities. This will enable users to accept or apply for an enhancement of their credit limit directly from the issuing entity through the UPI platform.
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This feature is designed to simplify the process of managing credit lines, allowing users to tailor their financial resources according to their needs.
