Techiexpert.com
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
Techiexpert.com
No Result
View All Result

RBI to Introduce ‘Single Block, Multiple Debits’ Feature on UPI for E-Commerce, Investments

Srikanth by Srikanth
December 12, 2022
in Tech news
0
RBI to Introduce 'Single Block, Multiple Debits' Feature on UPI for E-Commerce, Investments 1
10
SHARES
125
VIEWS
Share on FacebookShare on Twitter

On Wednesday, the RBI decided to include a feature in the UPI platform to aid payments where goods and services are delivered laterally, such as e-commerce purchases, hotel bookings or investments in securities.

With the help of the latest feature, ‘single-block-and-multiple debits’ on the Unified Payment Interface (UPI) platform, customers are facilitated with more trust while carrying out such transactions.

After announcing the bi-monthly policy review, RBI Governor Shaktikanta Das said, “It has been decided to make the introduction of a single-block-and-multiple-debits functionality in UPI, which will significantly enhance the ease of transferring the payments in e-commerce space and towards investments in securities.

The person also mentioned that a customer would create a payment mandate against a merchant by blocking funds in their bank account for specific purposes that can be debited, per the requirements.

This will be beneficiary in creating a higher degree of trust in transactions as merchants will be assured about getting timely payments, while the funds will remain in the account of the customer till the actual delivery of goods or services is made.

According to the governor, the feature will help purchase government securities using the RBI’s retail direct scheme.

The National Payments Corporation of India (NPCI) will provide instructions to implement the enhancement.

Meanwhile, Das also introduced an expansion in the Bharat Bill Payment System (BBPS) scope to include all payments and collections.

Bharat Bill Payment System does not have a facility for processing non-recurring payments or collection requirements of individuals, even if they are recurring in nature, including this professional service fee payments, education fees, tax payments, and rent collections being outside the ambit of the platform.

The latest launched system will make the BBPS platform accessible to a broader set of individuals and businesses who can offer the best advantages from the transparent and uniform payments experience, faster access to funds and improved efficiency.

Share4Tweet2Share1Pin2

Popular this week

  • Renesas Expands IoT Footprint with Sequans Acquisition

    Renesas Expands IoT Footprint with Sequans Acquisition

    2352 shares
    Share 940 Tweet 588
  • Y2Mate.com 2023: How to Download Videos and Audios

    280 shares
    Share 112 Tweet 70
  • Top 10 Omegle Alternatives you might like

    347 shares
    Share 139 Tweet 87
  • Does God Play Dice? – A Quantum Perspective

    55 shares
    Share 22 Tweet 14
  • What is windows modules installer ? How to Enable/Disable

    132 shares
    Share 53 Tweet 33
  • Top 10 YouTube to MP3 Converter Platforms for Free

    103 shares
    Share 41 Tweet 26

Popular Sections On Techiexpert

Artificial Intelligence Big Data Blockchain Blogging Cloud Computing Data Analytics How to Internet Of Things Machine Learning Marketing Trends Social Media Startup news Tech news

Latest Stories on Techiexpert

Evolution of Drone Technologies and Adoption in India

Evolution of Drone Technologies and Adoption in India
Share4Tweet3Share1Pin1

Microsoft Unveils Unified AI Assistant ‘Copilot’ for Windows 11

Microsoft Unveils Unified AI Assistant 'Copilot' for Windows 11
Share4Tweet3Share1Pin1

Kerala Startup Mission’s ‘Huddle Global 2023’ Set to Ignite Thiruvananthapuram in November

Kerala Startup Mission's 'Huddle Global 2023' Set to Ignite Thiruvananthapuram in November
Share4Tweet3Share1Pin1
  • Privacy Policy
  • About Us
  • Contact us
  • Cookie Policy
  • Write For Us

© 2016-2022 All Rights Reserved

No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain

© 2016-2022 All Rights Reserved

Cookie Law Notice
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.