New RuPay Credit Card Rules Allows Users to Manage EMIs, Bills, and Limits via UPI App

Updates for users of RuPay credit cards on the Unified Payments Interface (UPI) network have been made public by the National Payments Corporation of India (NPCI). They consist of limit management, credit account bill payments, installment payments, and EMI alternatives. By May 31, 2024, banks and card issuers are expected to activate these capabilities.

RuPay credit cards and pre-approved credit lines may now be linked on UPI, enabling safe payment transactions, according to NPCI’s announcement on March 29. The purpose of this connection is to provide consumers with more ease while utilizing their pre-approved credit lines and credit cards. The specifics of the newly added functionality are as follows:

EMI Facility

Through the UPI app, users may now apply immediately for an EMI facility for the credit accounts they have linked. After accepting the terms and conditions, users may finish the procedure by authenticating with their UPI PIN.

Based on their transaction history, the functionality would enable customers to convert their past credit card purchases into monthly installments (EMI) via the associated UPI app.

In the relevant area of the UPI app, the current EMIs will be visible. Users will not be able to change or cancel the EMIs, except early payback, as per the regulations of the issuer firm, which treats them as a loan.

Credit Account Bill Payment And Installment Management

With the help of this function, users may use the UPI app to pay for one-time purchases or to set up UPI AutoPay, which allows them to pay for future installments and unpaid credit card bills for both themselves and other users.

“Payer PSP shall create UPI ID for receiving credit account bill/instalment payment” was the additional statement made in the NPCI publication. The UPI App will give users access to associated credit card outstanding bill and credit line installment data, including minimum and total amounts owed as well as bill due dates. After receiving payment, the issuer bank will immediately pay off the outstanding balance and make the user’s increased balance accessible.

Limit Management

Customers will be able to approach the issuing firm to request an increase in their credit limit. When making large purchases, in an emergency, or when the current limit is not enough to cover unanticipated costs, this option will be used. Additionally, this function enables the issuing bank to establish lower credit limits at first, then raise them in response to the user’s spending patterns.

It’s crucial to remember that this feature allows credit limit adjustments through UPI applications. These adjustments can be temporary or global, and the user must express their explicit approval by inputting their UPI PIN.

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Stuti Talwar

Expressing my thoughts through my words. While curating any post, blog, or article I'm committed to various details like spelling, grammar, and sentence formation. I always conduct deep research and am adaptable to all niches. Open-minded, ambitious, and have an understanding of various content pillars. Grasp and learn things quickly.

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