Good news! UPI payment platform to get new e-commerce feature
RBI will add a new feature in its Unified Payments Interface (UPI) platform where the delivery of service or goods happens later such as e-commerce purchases, hotel bookings or investments in equities. (Reuters)
"It has...been decided to introduce a single-block-and-multiple-debits functionality in UPI, which will enhance the ease of making payments in e-commerce space and investments in securities," said RBI Governor S. Das. (Reuters)
Through this 'single-block-and-multiple debits' feature on the UPI platform, the RBI said that customers will have more trust while carrying out such transactions. (Reuters)
This single-block-and-multiple-debits functionality will enable a customer to block funds in his account for specific purposes, which can be debited whenever needed. (Reuters)
This functionality will also significantly enhance the ease of making payments for investments in securities including through the Retail Direct platform as well as e-commerce transactions. (Pixabay)
The UPI has emerged as the most popular retail payments system in India. (Unsplash)
It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. (Unsplash)
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