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. These changes are set to be implemented by May 31, 2024.
One of the key highlights of these features is the introduction of EMIs (Equated Monthly Installments), enabling users to apply for an EMI facility directly through their linked credit accounts on the UPI app.
As per a new feature, users will have 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 ensure users are informed about their financial commitments, the UPI app will prominently display existing EMIs.
Users will also be able to manage credit account bill payments and installments. The new feature allows users to make one-time payments or set up UPI Autopay for hassle-free settlement of outstanding credit card bills or credit line installments, applicable to both self and 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. This feature aims to simplify the process of managing credit lines, allowing users to tailor their financial resources according to their needs.
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