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PhonePe introduces new feature to link pre-approved credit lines to UPI for easy payments.
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Users can access credit for daily purchases and manage monthly expenses without dipping into savings.
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Merchants benefit from reduced cart abandonment and increased sales with additional payment options.
PhonePe has launched a new feature that allows users to link their pre-approved credit lines to UPI, making payments easier and more convenient. This feature enables users to access credit for daily purchases and manage monthly expenses without needing to dip into their savings immediately. With this update, PhonePe aims to enhance the ease of digital payments and expand the use of credit in India.
To link a credit line on PhonePe, users can follow a few simple steps. They need to open the PhonePe app, go to the profile section, select the bank from which they have a credit line, and link it to UPI by following the prompts and setting up a UPI PIN. Once linked, the credit line will appear as a payment option during checkout. This feature has the potential to make payments smoother and more efficient for both consumers and merchants.
The Reserve Bank of India’s recent expansion of UPI’s capabilities to include pre-approved credit lines has made this feature possible. PhonePe’s update builds on this by allowing users to directly link these credit lines to their UPI for easy payments. With this development, PhonePe continues to innovate and improve the digital payment experience for its users.
