India is leading the world in digital payments, and new features are constantly emerging in this sector that are proving to be a win-win for citizens and small merchants. Finance Minister Nirmala Sitharaman has made an important announcement at Asia’s largest fintech event in Mumbai, under which users can now get a loan of up to Rs 15,000 in seconds and will be able to make payments through UPI even without internet.
Easy loan up to Rs 15,000
Under this new facility, some selected banks and fintech companies are going to provide credit limit of Rs 5,000 to Rs 15,000 to UPI users. This credit limit will actually act like a short-term loan, which you can use immediately. There will be no need for any paperwork or long wait. This will make it easier for the general public and small businessmen to get financial help, especially when there is an immediate need for cash.
Payment will be possible even without internet
The Finance Minister also said that through the new system, users will be able to make UPI payments from their mobile phones even without internet. This feature will be especially helpful in areas where internet connectivity is weak or the internet stops suddenly. With this technology, digital transactions will become easier and more people will be able to come under the ambit of digital payments.
New phase of India’s digital payment revolution
Digital payments are expanding rapidly in India. These new facilities will help in making the mission of Digital India successful. Small businessmen and common citizens will now be able to easily meet their financial needs by taking digital loans. Apart from this, it will also promote cashless economy.
Common people will get benefits
This loan facility will also be beneficial for those who are uncomfortable with traditional banking processes or find it difficult to complete the paperwork. Loan available in seconds will become a source of financial relief for them. Also, the convenience of UPI payments without internet will keep economic transactions always running.
These announcements made by Nirmala Sitharaman at a fintech event in Mumbai are a revolutionary step in India’s digital payments sector. Every citizen will now be able to take full advantage of modern digital financial services with loans available in simple, fast and complex processes and facility of payment without internet. This will prove to be a new milestone on the path to India’s economic prosperity and digital empowerment.