United Payments Interface (UPI), the inter-bank transaction system developed by National Payments Corporation of India (NPCI), has crossed a major milestone of more than 300 million monthly transactions.
According to a report by Economic Times, the government-backed payments system registered around 312 million transactions in August, based on the data from NPCI. This is an increase of 32-percent from the 235.6 million transactions that the system handled in July.
If we talk about the yearly growth, UPI had registered 30 million transactions in September last year, amounting to Rs 5,293 crore in transferred money. In August this year, around Rs 54,000 crore were transferred via the digital payments platform.
NPCI launched the upgraded version of Unified Payments Interface – UPI 2.0 – at an event in Mumbai last month. UPI 2.0 was launched in presence of RBI Governor, Urjit Patel along with NPCI MD & CEO, Dilip Asbe and NPCI Advisor – Innovation, Nandan Nilekani. Others present at the launch event included State Bank of India (SBI) Chairman, Rajnish Kumar and Non- Executive Chairman, NPCI, Biswamohan Mahapatra.
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Having been launched after much delay, UPI 2.0 comes with a few updates from the two-year-old original UPI system. The key features of UPI 2.0 include ‘Overdraft facility’, ‘One Time Mandate’, ‘Invoice in the inbox’ and ‘Signed intent & QR’. Overdraft facility lets customers link their overdraft accounts, one-time mandate allows to block funds when shopping online, and release them when the product is delivered. Invoice feature allows merchants to send an invoice to customers, so they can verify, and make payments, whereas Signed intent & QR allows users to check the authenticity of the merchant. Lastly, the transaction limit has also been raised to 2 lakhs.
There are 11 banks that support the updated version. These include State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.