Every day, millions of people across the country utilize UPI for various transactions, seamlessly integrating it into their daily lives. Until now, linking one’s bank account with UPI for making payments has been the norm. However, a new option has emerged within UPI, enabling payments without the necessity of a bank account.
To utilize UPI without a bank account, individuals will need to employ a specific application. Amazon Pay has introduced this new option, allowing individuals to make UPI payments to anyone without the requirement of a bank account. Let’s delve into how this new option introduced by Amazon Pay functions.
Fastag Recharges via UPI Without Bank Accounts
Presently, having funds in one’s bank account is crucial for making payments via UPI. Without sufficient funds, transactions cannot be completed. However, through collaboration between Amazon Pay and ICICI Bank, individuals can now recharge their Fastags effortlessly using UPI, even without a bank account.
This introduction marks a new revolution in the realm of UPI nationwide, eliminating the necessity for individuals to maintain funds in their bank accounts solely for Fastag recharges. Any Fastag owner can now recharge their tag at any time without the hassle of bank account maintenance.
Partnership with NPCI
Amazon Pay is forging a partnership with the National Payment Corporation of India (NPCI), enabling customers to make UPI payments without bank accounts. Furthermore, this partnership will incorporate options for credit card payments. This initiative by Amazon Pay promises to greatly benefit consumers in the future.
Historically, customers have not had the option to make UPI payments using credit cards. However, with the impending partnership between NPCI and Amazon Pay, it is anticipated that customers will soon have this option available.
Additional Charges for Credit Card Payments
Currently, customers using credit cards for payments on some platforms incur additional charges. However, with the potential introduction by Amazon Pay, customers stand to gain advantages. Nevertheless, it remains unclear whether customers will face additional charges with the arrival of this new option. Further information on this matter will clarify the situation.
Expansion in the Future
Following the introduction of the option to make UPI payments without bank accounts, the scope of its application could expand significantly in the future. While presently discussed primarily in the context of Fastag recharges, in the future, individuals may have the option to make payments using this method across various platforms. Banks are also expected to release updates concerning this matter soon, providing comprehensive information to the public.
