Users of RuPay credit cards can use the UPI app for EMIs

Significant changes to the RuPay credit card on the Unified Payments Interface (UPI) platform have been announced by the National Payments Corporation of India (NPCI), and they are scheduled to go live by May 31, 2024. The Equated Monthly Installments function, which allows customers to request Equated Monthly Installments (EMI) alternatives directly from their associated credit accounts on the UPI apps, is one of the major improvements.

With this feature, the users of RuPay credit card can split their purchases into manageable monthly payments directly through the UPI app.

Now, users can also convert past purchases that are made through RuPay credit card into EMIs by going into your UPI app and accessing the transaction history.

The users will be given a choice 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.

The users will also be notified 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.

Users can also make one-time payments or set up UPI Autopay for 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 a 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.

The UPI app will allow users to view 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.

new feature also provides an option to users to increase 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 new feature is aimed to simplify the process of managing credit lines, allowing users to tailor their financial resources according to their needs.