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

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

Mumbai:

The RBI today said it has decided to add a facility to the UPI platform to facilitate payments on delivery of goods and services such as e-commerce purchases, hotel bookings or investments in securities.

Through the ‘single-block-and-multiple debits’ feature on the Unified Payments Interface (UPI) platform, customers will have more confidence while making such transactions.

“It has been decided to introduce single-block-and-multiple-debit functionality in UPI, which will enhance ease of making payments and investing in securities in the e-commerce space,” RBI Governor Shaktikanta Das said. After the announcement of the bi-monthly policy review.

Shaktikanta Das said a customer would create a pay order against a merchant by blocking funds in his bank account for specific purposes, which could be debited as and when required.

The Governor said that such a facility would build a higher level of confidence in transactions as merchants would be assured of timely payments, while the funds would remain in the customer’s account till the actual delivery of goods or services.

The governor said that this facility would also be helpful in purchasing government securities using the Retail Direct Scheme of RBI.

He also said that a separate direction will be issued to the National Payments Corporation of India (NPCI) to implement the increase.

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

Right now, BBPS does not have the facility to process non-recurring payment or collection requirements of individuals, even if they are of recurring nature, Shaktikanta Das said, resulting in professional service fee payments, education fees, tax payments, rent collections. Happening. outside the scope of the platform.

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

He said that separate guidelines will be issued to NPCI Bharat Billpay Limited (NBBL) in this regard.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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