“The credit/overdraft option on UPI will be a break-up option for the payments industry. The virtual microcredit card on the total UPI network could revive a new range of credit users in the country,” Deepak Abbot, co-founder of gold digital credit provider Indiagold and former head of paytm`s growth, told Inc42. A $6.24 billion agreement has been reached and a court is expected to approve or reject the agreement on November 7, 2019.  “There were times when UPI opened the way for payments and increased in quantities before debits/credit cards, even in the pre-Covid era. The last few months have consolidated this advance. In addition, there are no transaction fees for the trader on UPI, making it a preferred digital payment option for them. When I look at upI`s growth over the last few months, I think it will last,” said Suhail Sameer, president of the BharatPe Group. BofA`s initial goal was to offer the BankAmericard product throughout California, but in 1966, BofA began signing licensing agreements with a group of banks outside California, in response to a new competitor, Master Charge (now MasterCard), which had been created by an alliance of several regional credit card associations to compete with BankAmericard. BofA itself (like all other U.S. banks at the time) was unable to develop directly in other countries, as federal restrictions were not lifted until 1994. Over the next 11 years, various banks authorized Bank of America`s card system, forming a network of banks that supported the BankAmericard system in the United States.  The unsolicited credit card “drops” remained unchanged, thanks to BofA and its licensees and competitors, until the ostracism of 1970, but not before more than 100 million credit cards were distributed to the American population.
 Barclays Bank has renewed its long-standing partnership with Visa and signed a new multi-year European agreement with the card system to stimulate innovation and product development and support growth in new markets. The 1958 test went smoothly, but BofA then panicked by confirming rumors that another bank was about to launch its own business in San Francisco, BofA`s home market.  In March 1959, the drops began in San Francisco and Sacramento; In June, BofA dropped cards in Los Angeles; In October, the state of California was saturated with more than 2 million credit cards and BankAmericard was accepted by 20,000 merchants.  The program was however full of problems as Williams (who had never worked in a bank`s credit department) had been too serious and confident in his faith in the fundamental goodness of the bank`s customers, and he resigned in December 1959.  22% of the accounts were offenders, not the 4% expected, and police departments across the country were faced with numerous incidents of the brand new credit card fraud crime.  Politicians and journalists both joined the general agitation against Bank of America and its new credit card, particularly when it was pointed out that the cardholder agreement made customers liable for all costs, including those resulting from fraud.  BofA officially lost more than $8.8 million when BankAmericard was introduced, but when the total cost of advertising and overhead was taken into account, the bank`s actual loss was probably about $20 million.  While the Reserve Bank of India (RBI) has not yet disclosed credit card transaction statistics in October and November, UPI transactions increased by 19% and 10% respectively in value over this period.