PayU, a payments service provider, has partnered with the National Payments Corporation of India (NPCI) to enable PayU merchants to accept digital payments via credit lines. In a statement, the business stated that it expects a big increase in digital payments from credit, with over 380 million UPI users receiving access to credit lines.
According to PayU, “The enablement of pre-sanctioned credit lines by banks through UPI will empower businesses and consumers alike, fostering India’s financial inclusion agenda.”
Swaroop Kulkarni, Vice President, Products at PayU, stated, “We are thrilled to be at the forefront of this transformative initiative. Our partnership with NPCI to accept pre-sanctioned credit line on UPI underscores our commitment to delivering innovative solutions to our merchants and financial flexibility to our consumers.”
PayU intends to provide merchants with important insights into consumers’ credit kinds, such as pay-later or personal loans, allowing them to adjust growth strategies and improve customer experiences. This decision is consistent with PayU’s goal to providing new solutions and increasing financial flexibility for customers.
The credit line on UPI, like the Buy Now Pay Later services, is a pre-approved credit line or loan from the bank. Customers can use this credit line if they do not have enough funds in their linked accounts or wallets.
Also Read | NPCI launches UPI for secondary market to ease equity trading in India
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
