UPI Payments Rules: Now you can make UPI payments even without a bank balance, learn how it works

 

BharatPe Flex: UPI payments can be made even without money. BharatPe Flex has launched a credit-on-UPI service. Approval in just 3 minutes, easy EMIs, and no interest for 45 days.

BharatPe Flex: India’s leading fintech company, BharatPe, has launched a unique service for its customers. The company has partnered with YES BANK to launch ‘BharatPe Flex’. This ‘Credit-on-UPI’ service means you can now make everyday payments using credit through your UPI.

Even if you don’t have money in your bank account, this service allows you to easily complete tasks like online shopping, electricity and water bills, or mobile recharges by scanning a QR code at a store.

What is BharatPe Flex and how does it work?

Simply put, it’s like a credit card or digital loan available within your UPI app. You don’t need to download a new app or change your payment method. You’ll make payments using UPI just like you did before. The only difference is that instead of being deducted from your bank account, the money will be deducted from your credit limit.

What benefits will customers receive?

This new service has been designed keeping in mind the convenience and budget of customers. Its key features are:

No interest for 45 days: You have up to 45 days to repay your BharatPe Flex expenses. No interest will be charged during this period.

EMI option: If you are unable to repay the entire amount in one go, you can convert your expenses into smaller and easier EMIs.

3-minute approval: No paperwork is required. The entire process is digital, and eligible users receive approval in just 3 minutes.

Tracking and rewards: Users can track their spending, remaining limit, and repayment information directly on the BharatPe app. They will also earn rewards for every eligible payment.

What do leading companies have to say about this?

At the launch, BharatPe CEO Nalin Negi said that UPI has completely transformed the way transactions are conducted in India. The next step is to give customers more control and flexibility in managing their daily expenses. ‘BharatPe Flex’ addresses this need. Anil Singh, Country Head (Credit Cards), YES BANK, explained that his bank has always been at the forefront of digital payments. This partnership with BharatPe will provide customers with a new and improved credit-on-UPI experience, enabling them to better manage their cash flow. To coincide with the launch, the company has also released a new advertisement themed ‘Pay now. Settle later.’

How to activate this service?

• If you also want to use this service, follow these 5 easy steps:
• Open the BharatPe app on your phone and tap the ‘BharatPe Flex’ option.
• Complete your entire digital onboarding and KYC process.
• Link your approved credit line (loan limit) to your UPI.
• Set your UPI PIN.
• You can now use it to make payments at any UPI merchant or shop.