Mumbai, 20th January 2025: 86400 (an Initiative of Mobileware Technologies), a leading provider of cutting-edge payments infrastructure announces the launch of its Credit-as-a-Service (CaaS) solution, designed to integrate Credit Line on UPI into the offerings of Banks and Fintech companies. This solution is set to develop and redefine digital credit accessibility, providing instant, flexible, and user-friendly credit options to millions across India.
Built on NPCI’s Credit Line on UPI framework, 86400’s new solution offers financial institutions a robust and compliant solution to unlock short-term credit capabilities without disrupting existing systems. As per the prediction by 86400, this scheme is poised to revolutionize the market, offering an end-to-end solution that enables banks to conceive and rapidly launch versatile credit products.
Credit Line on UPI
Credit Line on UPI is an NPCI offering that allows users to access pre-approved credit directly within UPI-enabled apps. By integrating the solution into its advanced technology stack, 86400 enables financial institutions to offer customers easy access to credit for transactions like bill payments, shopping, and emergency expenses.
How the Solution Works
The solution is designed to deliver seamless functionality for both customers and financial institutions. For financial institutions, the solution offers streamlined APIs that facilitate quick integration with their systems, ensuring minimal operational disruptions and accelerating time-to-market for credit services. For customers of these financial institutions, it enables easy access to pre-approved credit directly within their existing UPI-enabled apps, catering to a variety of financial needs such as bill payments, shopping, and emergencies.
Key Benefits
Instant Access to Credit:
- Customers can tap into pre-approved credit instantly without delays.
- Real-time credit utilization and repayment capabilities simplify user experience.
Seamless Integration for Financial Institutions:
- Quick onboarding with 86400’s robust and scalable technology stack.
- Reduced setup costs and operational complexities.
Regulatory Compliance:
- Fully adherent to RBI and NPCI guidelines, ensuring data privacy and securit