![NPCI to launch UPI for secondary market next week](http://media.assettype.com/psuwatch%2F2023-09%2F298c545e-811f-409e-bddb-3e76199cf9ec%2FVoice_based_UPI_Payments___PSU_Watch.jpg?w=480&auto=format%2Ccompress&fit=max)
New Delhi: The National Payments Corporation of India (NPCI) on Friday said the 'UPI for Secondary Market' launch would take place next week.
The launch of 'UPI for Secondary Market' is set to commence next week in its Beta phase for the equity cash segment, with the collaborative support of key stakeholders including clearing corporations, stock exchanges, depositories, stockbrokers, banks, and UPI app providers, NPCI said in a statement.
Initially, this functionality will be available for a limited set of pilot customers, it said.
During this pilot, it said, investors can block funds in their bank accounts, which will only be debited by the Clearing Corporations upon trade confirmation during settlement.
Clearing Corporations will directly process payouts to these clients on a T+1 basis.
This Beta launch is facilitated by Groww as the brokerage app, alongside BHIM, Groww, and YES PAY NEXT as UPI apps, it said.
Initially, HDFC Bank and ICICI Bank customers will be able to avail this facility.
Further, HDFC Bank, HSBC, ICICI Bank, and Yes Bank are acting as sponsor banks for the clearing corporation and exchanges, it said.
Other stakeholders, including stockbrokers such as Zerodha, Customer's banks like Axis Bank and Yes Bank, and UPI-enabled apps like Paytm and PhonePe are in the certification stage and set to participate in Beta launch soon, it said.
The Application Supported By Blocked Amount (ASBA) like facility of 'Trading supported by blocked amount in Secondary Market' through block mechanism was approved by SEBI, based on the RBI approved facility of single-block-and-multiple-debit in UPI, with the implementation timeline of January 1.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)