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RBI to add feature in UPI platform to make online investment easier
December 08, 2022
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.
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