Soon ur Amazon & Flipkart online payments money deducted after the delivery is confirmed by the consumers

Soon your Amazon & Flipkart online payments money deducted after the delivery is confirmed by the consumers:

The National Payments Corporation of India (NPCI) is working towards a plan that ensures online payments only after the product is delivered. In this regard, the NPCI is in touch with e-commerce giants Amazon and Flipkart for next phase of growth of Unified Payments Interface (UPI).

This will be done through an escrow-like mechanism

The plan may take six-eight weeks to roll out

Like cash-on-delivery, under this arrangement, 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. Once the order is confirmed, the payment will be transferred then.

The new mechanism, that aims to gain the trust of non-adapting online users who still pay online via debit cards or mobile wallets, will take another six-eight weeks to be rolled out.

If implemented, this would also increase the volume and value share of UPI payments to merchants. NPCI is also pushing for retail investments in IPOs through UPI. which has been deferred to July 1 by capital markets regulator Sebi.