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The Reserve Bank of India (RBI) enhanced the capabilities of the Unified Payments Interface (UPI) by introducing a ‘single-block-and-multiple debits’ functionality, which allows a customer to enable a payment mandate against a merchant by blocking funds for specific purposes in his/her bank account which can be debited, whenever needed.
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The RBI said the Bharat Bill Payment System (BBPS) will now include a wider variety of recurring and non-recurring payments. According to the RBI, this feature will build a higher degree of trust in transactions as merchants will be assured of timely payments, while the funds remain in the customer’s account until delivery of goods or services.
“When it comes to e-commerce, there is a prepaid model and there is a postpaid model, which is cash on delivery. Now, with this feature on UPI, another mode of payment has been introduced. A customer can give a mandate to an e-commerce merchant whereby a certain amount will be blocked for buying goods and once the goods get delivered, the money will be debited,” a source aware of the development said.
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