The National Payment Corporation of India (NPCI) has initiated the beta phase of ‘UPI for Secondary Market’ in collaboration with brokerage firms and clearing houses. This new service allows investors to block funds in their bank accounts for stock purchases in the secondary market, transforming the current ASBA (Application Supported by Blocked Amount) system. UPI’s influence extends beyond stock transactions, now enabling payments through credit cards, enhancing transaction limits for specified categories, integrating Prepaid Payment Instruments (PPI Wallets), and facilitating domestic transactions for NRIs. UPI continues to evolve, offering solutions like UPI Lite for low-value transactions and Lite X for offline payments in areas with poor connectivity.
UPI Expands Horizons Beyond Payments: Revolutionizes Indian Stock Market Transactions
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