Digital credit service coming later this year: All details here – Times of India

The government has announced that it will roll out digital credit service this year, in the same way it rolled out Unified Payments Interface (UPI), Telecom and IT Minister Ashwini Vaishnaw has said. The service will enable even small street vendors to avail credit from banks.
“This year we will be rolling out digital credit and National Payments Corporation of India (NPCI) will take a big lead in that over a period of next 10-12 months. A good construct of digital credit will be created,” Vaishnaw said while speaking at ‘Digital Payments Utsav‘ event.
Voice-based payment system for UPI
At the event, the Ministry of Electronics and Information Technology (MeitY) unveiled a prototype of voice-based payment system for UPI. The system will enable people to make payments by speaking on the phone in their local language.
The minister said the service will be available in 18 Indian languages.

Expansion of UPI
The government also announced that it is expanding UPI services for NRIs in 10 countries. MeitY Secretary Alkesh Kumar Sharma said that UPI should become a global payments product for which the NPCI has already started partnering with Nepal, Singapore, Bhutan, UK and the UAE where the UPI model is being promoted.
“UPI services will now be enabled to NRIs in 10 countries — Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, UAE, the UK and the US,” he said. The integration of India’s UPI with Singapore’s PayNow system is underway and it will soon enable real time cross-border payments, Sharma added.
Earlier this week, the Reserve Bank of India (RBI) said it proposed to permit all inbound travellers to India to use UPI for their merchant payments while they are in the country. In December, UPI transactions touched a record high of ₹ 12.82 lakh crore.