Rupay Credit Card: Users can now apply for EMIs on purchases directly from UPI app

The National Payments Corporation of India (NPCI) has added a couple of new features for the RuPay Credit Card users on the Unified Payments Interface (UPI) platform, along with enhancements for credit lines on UPI. Users can now avail of EMI (Equated Monthly Installments) facility on the linked credit accounts through their UPI app. Besides, they can also manage Credit Account Bill Payment, Instalment Payment and limit management on the UPI app. The feature will be available to users by May 31, 2024, the NPCI said.

What does it mean for users

EMIs for RuPay credit card purchase: This would help users in spliting their purchases into manageable monthly payments directly through your UPI app.

EMI on past purchases: You can even convert past purchases made with your RuPay credit card into EMIs by going into your UPI app and accessing the transaction history.

EMI at checkout: Users will get an option to choose the EMI option right at the time of payment using UPI. Therefore, it would help the users choose the EMI period at the time of shopping.

Tracking EMIs: The UPI app will keep users informed about their ongoing EMIs, so that payments are done on time.

The current EMls will be shown in the correct section of the UPI app. According to the rules of the issuer company, the user will not be permitted to change or remove the EMI, with the exception of foreclosure, as it would be considered a loan.

Managing credit account bill payments and instalments

The new feature enables users to make one-time payments or set up UPI Autopay for the hassle-free settlement of outstanding credit card bills or credit line instalments. This functionality extends to payments for self as well as others.
 
"To do this, Payer PSP shall create UPI ID for receiving credit account bill/ instalment payment. UPI App shall provide a view for the user to access the details of linked credit card outstanding bill/ credit line instalment details (minimum amount due, total amount due, bill due date etc). Issuer bank shall clear the dues in real-time upon receiving payments, and make the enhanced balance available to the user for usage," the NPCI said.

Outstanding bills on UPI app 

The UPI app will also provide users with a view to access details regarding their linked credit card outstanding bills and credit line installment details, such as the minimum amount due, total amount due, and bill due date, ensuring transparency and facilitating informed financial decisions.

Users can request an increase in their credit limit

The users will have an option to increase in their credit limit from the issuing company. This will help users to accept or apply for an enhancement of their credit limit directly from the issuing bank or NBFC through the UPI platform. The feature is designed to simplify the process of managing credit lines, allowing users to tailor their financial resources according to their needs.