- LATEST
- WEBSTORY
- TRENDING
PERSONAL FINANCE
How can you make UPI payments without sufficient bank balance and repay later? Know here
Learn how to make UPI payments without enough funds in your bank account.
Updated : Sep 23, 2023, 07:34 AM IST | Edited by : Raunak Jain
 "UPI credit line, Pay later UPI, Low balance UPI payment, HDFC UPI Now Pay Later, ICICI PayLater, Credit line facility")
TRENDING NOW
)
Sudhanshu Pandey makes big statement on Anupamaa co-actor Rupali Ganguly's stepdaughter allegations: 'It's not good...'
)
Shweta Tiwari's wedding photos with Bigg Boss 13 contestant Vishal Aditya Singh go viral, here's the truth behind them
)
This Pakistani Influencer's private video leaked online, days after Minahil Malik and Insha Rehman's clips
)
No mention of Aaradhya Bachchan in Amitabh Bachchan's post on birthdays, it happened recently
)
Amitabh Bachchan opens up on Aishwarya Rai-Abhishek Bachchan divorce rumours
)
Meet richest footballer of 2024, not Cristiano Ronaldo, Lionel Messi, his net worth is...
)
Gautam Adani's BIG Rs 16877 crore plan to take on Mukesh Ambani, set to build Mumbai's largest...
)
'Good to be back': After breaking up with Malaika Arora, Arjun Kapoor reunites with his 'partner-in-crime after ages'
)
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan tells Amitabh Bachchan: 'I hope people don't...'
)
Amitabh Bachchan praises Abhishek Bachchan's new film, netizens ask 'kash ye Aishwarya...'
)
Virat Kohli's tweet mistaken for 'divorce announcement' from Anushka Sharma, fans compare to AR Rahman's separation post
)
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says he'll do 'whatever it takes' to be there for Aaradhya
)
Samantha Ruth Prabhu shares inspirational poem ahead of Naga Chaitanya, Sobhita Dhulipala wedding: 'Force your heart...'
)
Model's bold dance in towel at India Gate raises eyebrows, netizens say arrest her, watch viral video
)
AR Rahman, Saira Banu to separate 29 years after marriage due to 'significant emotional strain': 'Couple has found...'
Now, RuPay credit card holders from various banks can utilize Google Pay for UPI transactions. This means users can make UPI payments by scanning the merchant's QR code, even in offline mode. India witnessed a substantial share of global digital transactions in 2021, primarily due to the convenience and universality of UPI, enabling cashless transactions via smartphones linked to bank accounts.
UPI transactions are possible through credit and debit cards using QR code scanning or single-click app transfers. Interestingly even with a low bank balance you can make UPI payments.
The Reserve Bank of India (RBI) has recently allowed banks to offer a credit line feature to UPI users. This allows users to spend from a pre-approved credit line and settle payments with the bank later. In the RBI's notification on September 4, they outlined this facility, stating that transactions via a pre-approved credit line offered by scheduled commercial banks to individuals are now enabled for UPI transactions with the individual's prior consent. But how does it function?
To utilize this feature, users can use UPI applications like Google Pay, Paytm, MobiKwik, or mobile banking UPI apps, depending on the bank's website. Initially, banks must obtain the customer's consent to establish a credit line with a specific limit. Once approved, users can spend the predetermined amount via the UPI app and repay it before the due date.
While some banks may charge interest on the credit line, others offer a credit-free period. During this period, there's no interest on the utilized amount if repaid on time.
Among the prominent banks, HDFC Bank and ICICI Bank have already introduced their credit lines – HDFC UPI Now Pay Later and ICICI PayLater. HDFC charges a fee of Rs 149 for activating the service, while ICICI Bank doesn't impose an activation fee. However, a service charge applies if users exceed the bank's set limit. Both banks have set a credit limit of Rs 50,000 with specific eligibility criteria.
