New Delhi: The IT Ministry is planning to launch digital credit service in India this year. Significantly, even small street vendors can get loans from big banks through this scheme.
Speaking at the Digital Payments Utsav, Union Minister Ashwini Vaishnav said, “Digital credit service will also be introduced like UPI service. This will be another big achievement in Prime Minister Narendra Modi’s Digital India dream.
The digital credit service will be launched this year itself. Over the next 10 to 12 months, NCPI will roll out digital credit services. Through this, the digital credit service will be strongly built,” he said.
In this event, the UPI service, developed by the Ministry of Information Technology, was introduced as a method of voice past payment. With this, people will soon be able to talk on the phone in their own language and make money transactions. This service is available in 18 Indian languages.
NCBI has embarked on an effort to transform the UPI system into an international payment system. For this reason, it has already started working with countries including Singapore, Nepal, Bhutan, Britain, and the United Arab Emirates.
UPI is currently available in 10 countries including Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK and USA.
Work is underway to link India’s UPI system with Singapore’s PayNow system. This is expected to facilitate cross-border transactions.