HDFC Bank UPI Now Pay Later launched: all important details

HDFC Bank has launched its ‘UPI Now Pay Later’ service i.e. Overdraft Facility for UPI payments. The government recently launched Credit Line on UPI by the NPCI and RBI in the Global FinTech Fest 2023.

There are many who cannot clear their daily expenses at times due to shortage of salary/income money in their savings account. Thus, with HDFC UPI Now Pay Later you get that required credit which you can clear on a monthly basis.

HDFC bank users can activate their UPI Now Pay Later account via Netbanking, HDFC app, and 3rd party UPI apps like Google Pay, Mobikwik, Freecharge, etc. Simply, add mobile number, date of birth, Debit Card details, PAN, and agree to the T&Cs to activate.

You can only Transfer Money to UPI merchants via HDFC UPI Now Pay Later. Thus, sending money to friends/family or any individual UPI account is banned. However, you can load money into digital wallets like Paytm, PhonePe, PayZapp, etc.

For instance, below is the usage of your HDFC Bank UPI Now Pay Later account for the month of September, 2023.

Now, on the last day of the month i.e. on 30th September your HDFC Bank UPI Now Pay Later bill of ₹1350 + Interest will be generated. Interest will be charged on the amount and number of days you use it so you can pay early to avoid higher interest. You will get 3 days to pay the bill i.e. till 3rd October, after which the bill amount will be automatically debited from your savings/current account. If your account balance is low then late payment charges will be applied.

ICICI Bank UPI Now Pay Later is also launched. It is better than HDFC UPI Now Pay Later because it has upto 45 days free-interest period. However, there are cons, in ICICI, processing fee and interest rate is higher. Check the below table to know all the important comparisons on HDFC and ICICI’s UPI Now Pay Later service.

HDFC Bank UPI Pay Later service is launched and running so users can access it.