RBI UPI Payments:The mandate for UPI payments will be enhanced, according to a statement from the Reserve Bank of India (RBI). According to the announcements made by the RBI on Wednesday it will enable the users to block their funds in their bank accounts using Unified Payments Interface (UPI), which can be used to make specific payments later on.
RBI enhances the mandate for UPI payments
The UPI’s new features will make it simpler for customers to have money for investments like purchasing stock market assets, doing online shopping, and making hotel reservations.
Using this function makes it simpler for consumers to make investments, internet purchases, and hotel bookings.
UPI payments made easier for investments, online shopping , hotel bookings
Certain payments, including professional service fees, education costs, tax payments, and rent collections, were not processed prior to the launch of this UPI functionality.
This measure will increase trust in transactions because merchants will be guaranteed on-time payments, and money will stay in the customer’s account until the goods or services are really delivered. It will be covered in a cascade of directives from the National Payments Corporation of India.
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Prior to the launch of this UPI functionality, certain payments such as professional service fee payments, education fees, tax payments and rent collections were not processed.
Through this move, higher degree of trust will be built in transactions as merchants will be assured of timely payments, while the funds remain in the customer’s account till actual delivery of goods or services. The National Payments Corporation of India will issue spate instructions on it.
More than 70 lakh autopay mandates are processed each month, and more than 50% of initial public offering (IPO) applications are processed using the UPI block interface thanks to its features that allow for the processing of mandates for recurring transactions, single-block and single-debit functionality, and more.
UPI transactions in November had a value of Rs 11.90 trillion, which was 1.7% less than in October. Transaction volume in November stayed constant at 7.30 billion.
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