Economy News

RBI will introduce a new feature for UPI payments, allowing multiple debits – Mintpaisa

RBI Governor Shaktikanta Das announced an additional feature for Unified Payment Interface (UPI) platforms that would enable multiple debits. Das praised the digital payment system in his remarks at the end of the three-day meeting of the Monetary Policy Committee (MPC).

“UPI has become the best payment system in the world. It has been our constant effort to try to deepen the reach in India. The UPI currently includes functionality to make recurring payments and bulk payments. It is now enhanced to allow customers to hold funds in their accounts for multiple payments of a specific nature,” the governor said.

This should improve the ease of payments for online purchases and securities investments. The RBI will introduce a single debit and multi-debit feature which will allow users to block funds in their account

Currently, the UPI AutoPay feature allows users to make recurring payments, but the merchant can only make one debit to receive payment. With the new feature, the merchant can make multiple debits up to an authorized amount.

UPI is a payment system that allows the transfer of money between two bank accounts using a smartphone. It allows a customer to pay directly from a bank account to different merchants, online and offline, without having to enter their credit card details, IFSC code or net bank/wallet passwords .


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