RBI to add feature in UPI platform to help customers in e-comm, share purchases

MUMBAI: 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.