NPCI to launch UPI for secondary market next week

The National Payments Corporation of India (NPCI) on Friday said the ‘UPI for Secondary Market’ launch would take place next week. The launch of ‘UPI for Secondary Market’ is set to commence next week in its Beta phase for the equity cash segment, with the collaborative support of key stakeholders including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers, NPCI said in a statement.

Initially, this functionality will be available for a limited set of pilot customers, it said. During this pilot, it said, investors can block funds in their bank accounts, which will only be debited by the Clearing Corporations upon trade confirmation during settlement.