One of the latest payment gateway app has come up with the latest version of Unified Payments Interface (UPI), UPI 2.0 which was launched today, by National Payments Corporation of India (NPCI), in the presence of select members from banks and the RBI, at an event in Mumbai. NPCI is an umbrella organization for all retail payments in the country.
It was launched by Dr Urijit Patel, Governor, RBI, Nandan Nilekani, Innovation advisor at NPCI, along with Rajnish Kumar, Chairman, State Bank of India (SBI).
Talking on the launch, Dilip Asbe, MD & CEO, NPCI, said, “We are happy to witness the revolution brought about by UPI in the last two years. Large number of banks, merchants, third-party players and consumers trusted this platform which resulted in substantial growth in terms of volume and value of transactions since its inception. With the launch of UPI 2.0, we hope to touch new milestones by expanding UPI’s presence especially in person-to-merchant payment space.”
Around more than 10 banks which includes the SBI, HDFC Bank, ICICI Bank, Yes Bank, among others, are said to be joining the UPI 2.0 soon. Some of the other banks are in the process of updating the payment product, the whole process is expected to be completed in the next two months.
New Features included in the UPI 2.0 are:
Overdraft facility: Along with the current and savings accounts, customers can now link their overdraft account to UPI.
One Time Mandate: UPI mandate is a facility that can be used when money is to be transferred later by providing commitment at present.
Invoice in the Inbox: This feature is designed for customers to check the invoice set by the merchant prior to making the payment.
Signed Intent and QR: This feature will help the customers to check the authenticity of the merchants by scanning the QR code.