Even if you go shopping and there is no balance in your account, you can still make payment through UPI. Payment will still happen!
Reserve Bank of India has also allowed credit service in UPI for UPI users.
According to Forbes India, RBI has given approval to provide credit line service to banks on September 4.
The name of the service is UPI Now Pay Later. In which payment can be made even if the account is empty.
The user will also be given some time to repay the money spent, as happens in credit service.
No money will be taken from the user if payment is made within the stipulated period.
For this, the user will have to contact his bank, he will be able to use the credit as per the prescribed limit.
Earlier, UPI users could link only savings account, overdraft account, prepaid wallet and credit card.