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New Delhi. Currently, Unified Payments Interface (UPI) is a very popular mobile payment method for digital payments. New features are being added to it every day.
Now you will be able to make UPI payments even if you do not have money in your bank account. For this, the National Payment Corporation of India (NPCI) announced the credit line facility on UPI at the Global Fintech Fest. Currently this facility is available with select banks and select UPI apps.
The Reserve Bank of India (RBI) had also announced the inclusion of pre-approved credit lines issued by banks in the UPI system for transactions. Currently Savings Account, Overdraft Account, Prepaid Wallet and RuPay Credit Card can be linked to the UPI system
UPI facility was started in the year 2016.
UPI payment system was started in the year 2016. The UPI system is operated by the National Payments Corporation of India (NPCI). UPI is a real time payment system. To send money to someone, all you need is his mobile number, account number or UPI ID or UPI QR code. You can do banking 24×7 through UPI app. Online shopping through UPI does not require OTP, CVV code, card number, expiry date etc.
More than 10 billion transactions took place through UPI in August
The number of transactions through UPI has crossed 10 billion in August. Recently NPCI had given this information. According to NCPI data, the number of UPI transactions reached 10.24 billion on 30 August. The value of these transactions was Rs 15,18,456.4 crore. The number of UPI transactions in July was 9.96 billion as against 9.33 billion in June.
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