UPI payments, introduced after demonetisation in India, have become very popular. Recently, as per RBI directives, the UPI option has been extended for business payments through RuPay credit cards, making it convenient for users to transact seamlessly. Bank of Baroda, a leading bank, has taken a step further by announcing the availability of EMI services on UPI payments made with RuPay credit cards.
EMI facility on UPI payments allows customers to convert their transactions into manageable installments, offering flexibility in making larger purchases. The service is applicable for both online and offline transactions, catering to a wide range of customer needs. This move by Bank of Baroda is seen as a significant enhancement in the digital payment ecosystem, especially during the festive season.
Ravindra Roy, Wholetime Director of BOB Card Limited, emphasized the importance of providing additional services to customers through innovative solutions like EMI on UPI payments. While EMI options offer convenience, it is essential for users to exercise caution and consider their financial capabilities before opting for such services.
Experts advise comparing interest rates and terms across different banks and UPI apps to make informed decisions regarding EMI payments. Choosing a suitable tenure aligned with one’s financial situation and repayment preferences can help manage the overall cost effectively.
Leave a comment