RBI to add feature in UPI platform to help customers in e-comm, share purchases


PTI, Dec 7, 2022, 1:44 PM IST

The RBI on Wednesday said it has decided to add a feature in the UPI platform to aid payments where delivery of goods and services happens later, like e-commerce purchases, hotel bookings or investments in securities.

Through the ‘single-block-and-multiple debits’ feature on the Unified Payment Interface (UPI) platform, customers will have more trust while carrying out such transactions.

“It has…been decided to introduce a single-block-and-multiple-debits functionality in UPI, which will significantly enhance the ease of making payments in e-commerce space and towards investments in securities,” RBI Governor Shaktikanta Das said after announcing the bi-monthly policy review.

Das said a customer will create a payment mandate against a merchant by blocking funds in his/her bank account for specific purposes which can be debited, whenever needed.

Such a facility will build higher degree of trust in transactions as merchants will be assured of timely payments, while the funds remain in the customer’s account till actual delivery of goods or services, the governor added.

The governor said the feature will also be helpful in purchase of government securities using the RBI’s retail direct scheme.

He also said separate instruction will be issued to the National Payments Corporation of India (NPCI) to implement the enhancement.

Meanwhile, Das also announced an expansion in the scope of Bharat Bill Payment System (BBPS) to include all payments and collections.

Right now, BBPS does not have a facility to process non-recurring payments or collection requirements of individuals even if they are recurring in nature, Das said, adding this results in professional service fee payments, education fees, tax payments, rent collections being outside the ambit of the platform.

The new system will make the BBPS platform accessible to a wider set of individuals and businesses who can benefit from the transparent and uniform payments experience, faster access to funds and improved efficiency, Das said.

Separate guidelines will be issued to NPCI Bharat BillPay Ltd (NBBL) regarding the same, he said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Jharkhand court convicts 5 Jamtara cyber criminals for money laundering

Students of govt, govt-aided schools in Karnataka to get eggs six days a week

Dawood declared terrorist in individual capacity, says Bombay HC; grants bail to 2 UAPA accused

‘Cultural assets of India’: Seers welcome law to prevent misuse of names of chardham

Olympics 2024: 24 Indian armed forces personnel at Paris Games, maiden participation of female service athletes

Will scrap Dharavi slum redevelopment project tender after coming to power: Uddhav Thackeray

13-year-old raped, blackmailed by Instagram friend in MP; two held

Related Articles More

Job-for-locals bill: Skilling, not legislation, key to meet evolving industry demands, say experts

Nobody expects RBI to be cheerleader, coordination with government helped fast revival in economy: Governor Das

Infosys shares jump nearly 5 pc; market valuation jumps by Rs 20,843 cr after earnings announcement

Will support whatever regulations, guidelines come: Infy CEO on draft K’taka reservation bill

Markets decline in early deals on weak global peers, profit-taking

MUST WATCH

Brahma Kumaris

Tapta Mudra Dharana

Banana Farming

Aghnashini River

Dr. Rajkumar


Latest Additions

Jharkhand court convicts 5 Jamtara cyber criminals for money laundering

Renowned Kannada TV serial director Vinod Dondale found dead, suicide suspected

Wrestlers will continue medal-winning trend in Paris: Yogeshwar Dutt

Southern Railway rejects reports of bifurcation of Palakkad division

Karnataka HC directs actor Darshan to approach magistrate court for home food in jail

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.