Business

RBI to add features in UPI platform to help customers make e-commerce purchases


RBI to add features in UPI platform to help customers make e-commerce purchases

Shaktikanta Das also announced an expansion of the Bharat Bill Payment System.(File)

Mumbai:

RBI said today that it has decided to add a feature in the UPI platform to support payments when the delivery of goods and services takes place later, such as e-commerce purchases, reservations. hotels or invest in stocks.

Through the ‘single and multiple debit’ feature on the Unified Payments Interface (UPI) platform, customers gain more confidence when making such transactions.

“We have decided to introduce single-block and multiple-debit functionality in UPI, which will greatly enhance the ease of making payments in the e-commerce space and towards investing in securities.” , said RBI Governor Shaktikanta Das after announcing the bimonthly policy review.

Shaktikanta Das says a customer creates a payment trust for a merchant by blocking money in their bank account for specific purposes that can be debited whenever needed.

Such a facility, the governor added, would create a higher level of confidence in transactions as the seller will be guaranteed timely payment, while funds remain in the customer’s account until actually delivered goods or services.

The governor said the feature would also be useful in purchasing government securities using the RBI’s direct retail program.

He also said separate guidance will be issued to National Payments Corporation of India (NPCI) to make improvements.

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

Currently, BBPS has no facility to process non-recurring payments or collection requests from individuals even if they are of a recurring nature, Shaktikanta Das said, adding this leads to payments professional service fees, education fees, tax payments, rent collection outside the scope of the platform.

Shaktikanta Das said the new system will make the BBPS platform accessible to more individuals and businesses, who can benefit from a unified and transparent payment experience, and faster access to capital. and efficiency is improved.

He said separate instructions will be issued to NPCI Bharat BillPay Ltd (NBBL) on the same issue.

(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)

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