PhonePe today announced the launch of Credit Line on UPI on its platform. Consumers who avail credit lines from their banks can now link these credit lines to UPI on PhonePe and seamlessly make merchant payments. This feature enables consumers to make purchases with ease across millions of merchants and avail the flexibility of short-term credit that helps them manage their monthly expenses better.
Reserve Bank of India (RBI) recently expanded the scope of UPI to include pre-approved credit lines, called ‘Credit Line on UPI’, allowing consumers to avail credit lines through banks and use these through their UPI apps. This will further help exponentially increase the number of merchants where credit lines can be utilised.
PhonePe today announced the launch of Credit Line on UPI on its platform. Consumers who avail credit lines from their banks can now link these credit lines to UPI on PhonePe and seamlessly make merchant payments. This feature enables consumers to make purchases with ease across millions of merchants and avail the flexibility of short-term credit that helps them manage their monthly expenses better.
Reserve Bank of India (RBI) recently expanded the scope of UPI to include pre-approved credit lines, called ‘Credit Line on UPI’, allowing consumers to avail credit lines through banks and use these through their UPI apps. This will further help exponentially increase the number of merchants where credit lines can be utilised.
Along with consumers, the option also allows merchants on the PhonePe Payment Gateway (PG), to offer their customers an additional payment option at the time of checkout. This not only reduces friction but also lowers cart abandonment leading to higher sales. Merchants simply need to integrate with PhonePe PG to add ‘Credit Line on UPI’ as a payment option to enable this offering.
Along with consumers, the option also allows merchants on the PhonePe Payment Gateway (PG), to offer their customers an additional payment option at the time of checkout. This not only reduces friction but also lowers cart abandonment leading to higher sales. Merchants simply need to integrate with PhonePe PG to add ‘Credit Line on UPI’ as a payment option to enable this offering.
