Due to the RBI’s “single-block-and-multiple debits” capability on the Unified Payment Interface (UPI) platform, customers will now have more confidence while making e-commerce purchase share. In order to facilitate payments for later delivery of goods and services, including as e-commerce transactions, hotel reservations, and stock investments, the RBI announced on Wednesday that it has chosen to introduce a function to the UPI platform.
It has been decided to introduce a single-block-and-multiple-
According to Das, a customer can establish a payment mandate against a retailer by setting aside money in their bank account for certain uses that can be deducted at any time. A feature like this would widen the consumer confidence in transactions since merchants would be guaranteed prompt payments and the money would stay in the customer’s account until the product or service was actually delivered, the governor stated.
The functionality, according to the governor, will also be useful when buying government securities through the RBI’s retail direct scheme. The National Payments Corporation of India (NPCI) will be receiving separate instructions on how to execute the improvement. Das also declared that the Bharat Bill Payment System (BBPS) would be expanded to cover all payments and collections.
According to Das, BBPS does not currently have a facility to handle non-recurring payments or collection requests from individuals, even if they are recurring in nature. As a result, payments for professional services, education costs, taxes, and rent are not covered by the platform.
Also, at the same time, the new method will open up the BBPS platform to a wider range of people and organisations, who will be able to take advantage of the platform’s enhanced efficiency, faster access to funds, and transparent and standard payment experience.
He also stated that separate guidelines will be issued to NPCI Bharat BillPay Ltd. (NBBL) under this regard.