The next version of online payments solution ‘Unified Payments Interface’ (UPI), the UPI 2.0, has been launched by National Payments Corporation of India (NPCI) today at an event in Mumbai.
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. The list of other esteemed members present at the launch event included State Bank of India (SBI) Chairman, Rajnish Kumar and Non- Executive Chairman, NPCI, Biswamohan Mahapatra.
After multiple delays, the UPI 2.0 comes with a few updates from two-year-old UPI interface. 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 the 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 lac.
At the launch of UPI 2.0, there are 11 banks that support the updated version. The current list member banks at the launch 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.
Unified Payments Interface (UPI) is a channel that powers multiple bank accounts into a single mobile application. The initial version of UPI was launched two years ago in April, 2016. NPCI claims that the platform has emerged as a popular choice among users for sending and receiving money. According to NPCI, BHIM UPI has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in a single month of July 2018.
Watch Video: How to use ‘UPI’
Nandan Nilekani, Advisor Innovation, NPCI said, “UPI is a path-breaking innovation that is unprecedented globally. Its high volume, low cost and highly scalable architecture built on an open-source platform is key to India’s transformation to a digital payment economy.”