UPI Introduces EMI Payments and Higher Transaction Limits
Users will now be able to pay their EMIs through UPI by scanning the QR code, selecting a plan, and completing the payment. It offers a fast, secure, and convenient solution, eliminating the need for users to remember due dates or make manual transfers.
The National Payments Corporation of India (NPCI) is planning the next step for digital payments. After adding RuPay credit cards and credit lines to UPI, the next focus is to let users turn UPI payments into EMIs (monthly installments). This will make credit easier to access, encourage bigger purchases, and make UPI even more important as India’s main payment system.
NPCI is also getting ready to allow fintech companies to offer an EMI option on UPI. This means users could instantly split their payments into monthly installments. The service isn’t live yet, but it’s expected to increase credit transactions on UPI. It will work like card-based payments at stores, where customers can divide their payment into EMIs at the terminal.