A new payment method is coming to UPI. This time, a payment system has arrived that will drastically change the Indian grocery market. UPI has launched something called UPI Secondary Market from January 1.
UPI has brought such an option along with brokerage companies and clearing houses.
Beta version was released as the first phase of this app. UPI is an ASBA-like service for the secondary market. You may be wondering what ASBA is. This service means Application Supported by Blocked Amount.
Under this service, an investor can block the amount he would have bought shares in the secondary market. That money usually goes into the blocker’s accounts. Alternatively we can block it under the new option. The Clearing Corporation will authorize the transaction from our account only if it is satisfied that the trading has taken place at the time of settlement.
Clearing corporations direct this transaction. Exactly what our client gets paid for. Currently the ASBA option is available only for buying shares from the primary market. UPI-linked ASBA will enable investors to buy shares from the secondary market. With this, it has expanded from a mere grocery store or supermarket payment option to a larger one.
Credit card payments can be made using UPI. Earlier UPI had bank accounts, prepaid wallets and overdraft facilities. Credit card payments made possible through UPI are next. All this was earlier possible through RuPay credit cards. This service will be available by registering the credit card with third party UPI apps.
Recently UPI also increased the payment limit. The minimum transaction in hospitals and educational institutions was raised from Rs 1 lakh to Rs 5 lakh. This is the maximum amount that can be sent in a day. The normal UPI transaction limit has not been raised. Only one lakh rupees can be sent daily.
