Now you only need to pay when the delivery takes place; RBI with UPI new feature

Reserve Bank of India with a new change in UPI payment systems. RBI has decided to introduce a new system on the UPI platform that keeps the money in the customer’s account until the goods and services are delivered. That means from now on the new feature will debit money from the account only when the goods or services are received.

With the new system, you will now be able to block funds for your payments through UPI until the services are available. Whereas Bharat Pay Bill allows you to make both recurring and non-recurring payments. The new feature will further stimulate the economy. Because people who usually transact using UPI rely more on UPI for necessities and travel or hotel booking purposes.

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Sometimes payments on e-commerce purchases are accurate but delivery of services is delayed. This often creates difficulties for customers. Single block and multiple debit feature is introduced by RBI to solve this problem. The new feature was announced by Governor Shaktikanta Das during RBI’s policy announcement. It is expected that through this feature, customers will be able to perform UPI transactions with greater reliability. This feature will help customers to easily complete transactions and invest in government bonds.

This unique feature can instill more confidence in UPA transactions. Because the funds are safe in the customer’s bank account until the goods or services are delivered, the merchant can ensure timely delivery. It will also be more convenient for traders. Payments will become more secure in the future.
Single Block – Multiple Debit facility brings more limitless UPI transactions in daily life. This will further popularize and strengthen the e-commerce system.

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According to RBI, over 70 lakh autopay mandates are handled every month. And more than half of the Initial Public Offer (IPO) applications are processed using UPI’s block feature. UPI already has a feature to process mandates for recurring transactions. But that is only for single block and single debit. RBI attaches great importance to UPI to ensure that all payment links are well connected and especially retail payments are efficient. The UPI system will be further enhanced by the introduction of Single Block Multiple Debit feature.

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