The facility enables users to pay through existing UPI channels, including QR-code payments at stores, online purchases, utility bill payments, recharges, travel bookings and other day-to-day transactions. Users can either repay the amount in full within the billing cycle or convert eligible spends into equated monthly instalments (EMIs).
According to the company, BharatPe Flex offers up to 45 days of interest-free credit on purchases and can be activated through a fully digital onboarding and KYC process. Eligible users can link the approved credit line to UPI and use it across merchants that accept UPI payments.
The launch comes as financial services firms seek to expand credit offerings on top of India’s fast-growing UPI payments ecosystem. Credit-on-UPI products allow consumers to access short-term credit while continuing to use the familiar UPI payment infrastructure for everyday transactions.
BharatPe said users will be able to track spending, available limits and repayments through its mobile application. The company has also launched an awareness campaign around the new offering.
The product is powered by YES Bank, which is providing the underlying credit and payments infrastructure for the facility.
