PhonePe has introduced a Credit Line on UPI. This was rolled out in July by the NPCI. You can now pay your bank’s credit line to UPI on PhonePe and make seamless payments at any merchant. A credit line is a flexible loan that some banks offer. It works as a pre-approved set amount of money that you can access when you are in need.
You can get the Credit Line on UPI via the PhonePe (As Mentioned in the Press Release)
- Users can link their Credit Line on UPI by clicking on the profile section on the top left of the PhonePe app home page and select the bank from which they availed the Credit Line.
- The Credit Line associated with their registered phone number will be linked on UPI upon clicking on the bank.
- After linking, the user will be required to set a UPI PIN
- Once this is done, the Credit Line option will show up as a payment instrument on the payment page while the user is making a payment.
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I think this will be useful for many users who can use UPI frequently. This is a good move by the NPCI and PhonePe. This Credit Line on UPI is also available on all sorts of Banks in India.
