RBI will add new UPI payment features that permit multiple payments.

The new UPI feature is anticipated to make investing in securities including making a payment for internet transactions easier.

Shaktikanta Das, governor of the RBI, revealed a new feature for platforms using the Unified Payments Interface (UPI) that would permit multiple debits. In his speech marking the end of the three-day Monetary Policy Committee (MPC) meeting, Mr. Das was effusive in his appreciation for the electronic payment process.

The best payment system in the entire globe has evolved called UPI. We have always worked to extend our footprint in India. Recurring payments and singleblock payments are currently possible with the UPI. Customers can now limit money in their accounts for numerous payments of a particular kind, thanks to an enhancement, the governor added. This should make investing in securities and making payments for online purchases easier.

Users will be able to block monies in their accounts using the single-block and multiple debits feature that the RBI will provide. Customers can currently set up recurring payments using the UPI AutoPay feature, however merchants can only process a single debit to collect money. With the new function, the vendor can make many payments to the permitted account

The functionality, according to the governor, will also be useful when buying government securities through the RBI's retail direct scheme. He continued by saying that the National Payments Corporation of India (NPCI) will receive specific instructions on how to carry out the improvement. Mr. Das also disclosed that the Bharat Bill Payment System (BBPS) would now cover all payments & collections.

According to Mr. Das, BBPS does not currently have a capability to handle nonrecurring transactions or specific collection needs, even if they are recurrent in nature. As just a result, payments for business services, education costs, taxes, and rent are not covered by the platform. The new system will increase the number of people that can access the BBPS platform.