New Delhi, August 22: PhonePe has reportedly introduced a new feature that allows users to link pre-approved credit lines to UPI to make digital payments more convenient and accessible. As per reports, the PhonePe new feature will enable users to make payments directly from their linked credit lines. PhonePe will likely enhance the payment experience by adding this payment option.

The PhonePe new feature is anticipated to simplify the payment process for users by enabling them to make payments to millions of merchants seamlessly. Users might enjoy the convenience of short-term credit for managing their monthly expenses without immediately using their savings by linking a credit line to UPI. Recently, the Reserve Bank of India has reportedly updated the UPI (Unified Payments Interface) system to include pre-approved credit lines. UPI Booster: Money Management Startup INDmoney Lets Investors To Make UPI-Based Instant Withdrawals From Stock Market on Its Platform.

As per a report of Business Today, PhonePe has launched a new feature that will enable users to link their pre-approved credit lines to the UPI. Deep Agrawal, Head of Payments at PhonePe, reportedly highlighted that the feature is meant to simplify digital payments in India. The development will allow users to use their credit lines for UPI payments with more options to manage their finances. It means that you can use a credit line to make payments, similar to how you would use a debit card. However, the advantage is that you have the flexibility of short-term credit, which will allow you to pay back the amount at a later time.

What Is a Credit Line and How To Link on PhonePe

A line of credit is an agreement between a bank and a customer. A credit line is a kind of loan that gives you the ability to borrow a certain amount of money up to a limit that has been pre-approved by the Bank. You have the freedom to use the funds whenever you need them and have to pay interest on the specific amount that you borrow. Paytm Proposes Revised Remuneration for Board Members, Capping Compensation to INR 48 Lakh Annually for Good Governance.

To connect your credit line on PhonePe, start by opening the app and navigate to the profile section. Choose the Bank associated with your credit line and follow the prompts to link it to UPI, including setting up a UPI PIN. After completing these steps, your credit line will appear as a payment option at checkout.

(The above story first appeared on LatestLY on Aug 22, 2024 03:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).