Written By Nishit Raghuwanshi
Published By: Nishit Raghuwanshi | Published: Aug 22, 2024, 06:12 PM (IST)
PhonePe has recently launched a new feature that lets the users link pre-approved credit lines to UPI. So, if you have a pre-approved credit line from your bank, you can now simply link it to your UPI account on the PhonePe application. It will work in a similar way that you use the debit card and make payments with your credit line. This will also give a boost to your savings by giving you a way to manage monthly savings without accessing your savings. Also Read: No PIN Needed: Google Pay, Paytm, And PhonePe Users Can Pay Using Fingerprint Or Face Scan
The feature will be beneficial for both businesses and individuals. Moreover, it is also going to make payments on the platform seamless. This came after the Reserve Bank of India expanded the capabilities of UPI to add pre-approved credit lines. Also Read: Paytm Will Now Remind You About Your Pending Expenses! Here’s How To Use It
PhonePe officials said that the feature is being introduced in the country to increase the use of credit lines and make familiar with it. The feature is also available on PhonePe arch rival Paytm. And the feature can be activated from there with ease as well. Also Read: Paytm Postpaid On UPI Launched: Here’s How To Activate The New Pay Later Option