The National Payments Corporation of India (NPCI) will soon introduce a ‘single-block-and-multiple debits’ functionality in the Unified Payments Interface (UPI) to enhance the ease of making payments in the e-commerce space and towards investments in securities.
RBI Governor Shaktikanta Das observed that by introducing this functionality, the capabilities of UPI will be further enhanced.
“This facility will enable a customer to block funds in his/her account for specific purposes, which can be debited whenever needed. This will significantly enhance the ease of making payments for investments in securities including through RBI’s Retail Direct scheme as well as e-commerce transactions,” Das said.
“This will build a higher degree of trust in transactions as merchants will be assured of timely payments, while the funds remain in the customer’s account till the actual delivery of goods or services,” said the statement on Developmental and Regulatory Policies.