News

NPCI to help drive the growth of UPI

Tuesday 4 June 2019 08:21 CET | News

The National Payments Corporation of India (NPCI) has announced that it is working with Amazon and Flipkart to help drive further growth of the UPI.

NPCI wants to enable online payments only after the product is delivered, which would be achieved by using an escrow-like mechanism, according to the Times of India.

Like cash-on-delivery, under this agreement, the money will be credited to e-tailers only after the delivery is confirmed by the consumers. At the time of purchase, UPI would create the escrow-like account where the money for the order would be parked.

The new mechanism would take six to eight weeks to be rolled out. Amazon and Flipkart did not comment on the matter.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: NPCI, National Payments Corporation of India, UPI, India, online payments
Categories:
Countries: World