Tag: unified payments interface

Indian banks have received new directives from the Reserve Bank of India (RBI) regarding credit lines on the Unified Payments Interface (UPI), potentially leading to their entry into the buy-now pay-later (BNPL) domain. According to an ET report, the RBI's recent instructions mandate banks to facilitate pre-approved credit lines through UPI-based transactions. This development paves the way for recurring, small-value credit transactions in the BNPL style at merchant outlets for UPI users.While fintechs and non-banking financial companies (NBFCs) have traditionally dominated the BNPL sector, this presents an opportunity...