UPI Now Pay Later Feature: Even if there is zero balance in your account, you can still make UPI payment. For this you can use UPI Now Pay Later feature…
UPI Now Pay Later: With the changing times, the trend of digital payment has increased very rapidly in India. If you also make payment through UPI then this news is useful for you. Now you can make UPI payment even without money in your account. To encourage digital payments in the country, the Reserve Bank of India has given its approval to the credit line service for UPI users. Now after this, users can make payment through UPI like credit card even without money in the account and can repay it later.
What is UPI Now Pay Later facility?
UPI Now Pay Later facility is a kind of credit line, through which you can make UPI payment even without money in the account. You can use this feature only when the bank gives you this facility. This facility is dependent on credit score. Through UPI, apart from your savings account, you can now link credit card, prepaid wallet, overdraft account and now also UPI credit line. Many banks like ICICI have also started the facility of UPI Now Pay Later.
In how many days will UPI Now Pay Later be paid?
Through UPI Now Pay Later, you can use credit line ranging from Rs 7,500 to Rs 50,000. The customer will have to pay this money within 45 days. If you fail to do so, you will have to pay a hefty interest rate of up to 42.8 percent along with late fees. You will also have to pay GST on this payment.
How to use ‘UPI Now Pay Later’
To use this feature, you will have to open mobile banking or net banking of the bank. After this you will have to go to the pre-approved loan section. After this you can avail the facility of UPI Now Pay Later from here. This facility will vary according to different banks.
