Long awaited Unified Payments Interface Version 2.0 is finally here. The launch held at Mumbai where only few selected members of National Payments Corporation of India (NPCI), banks and the Reserve Bank of India. There were RBI governor Urjit Patek, State Bank of India (SBI) chairman Rajnish Kumar and Nandan Nilekani, non-executive chairman of Infosys. Also, Nandan serves as the innovation advisor of NPI. Together, all of them officially launched UPI 2.0.
NPCI is the umbrella organization for all retail payments in the country. UPI is just another name in the umbrella of platforms. The UPI platform makes it super easy to transfer money between two bank accounts on a mobile phone without taking too many details of the beneficiaries.
Below are the key features of UPI 2.0
- Link your overdraft account: Previously, you could have only linked your current and savings account to UPI. Now, you have the option to link your overdraft account too. Customers will be able to transact instantly, and use all the benefits of having an overdraft account.
- One Time Mandate:UPI mandate is a feature that allows user to transfer money at a later stage while providing commitment at present. It comes with one-time block functionality for transactions. Users can pre-authorize a transaction
- Invoice in Inbox: According to NPCI, this feature allows the user to check the invoice sent by merchant before making any payment. This will help the customers to view and double check the credentials. In other words, you can also check whether the invoice has come from the right merchant or not. Customers can make the payment after verifying the amount and some other important details mentioned in the invoice.
- Signed intent and QR: This feature helps consumers check the authenticity of merchants when they are making payments via scanning QR code or quick response code. Upon scanning, this feature notifies the user whether the merchant is a verified UPI merchant or not. This serves as an additional layer of security. In the case where merchant is not a verified member, the customer will be informed via notifications.
The current UPI 2.0 member banks are: State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC, as mentioned by NPCI on Thursday.
The first version of UPI was launched on 11 April 2016 and since then UPI has emerged as a popular choice among people for sending and receiving money. BHIM UPI recorded transactions worth INR 45, 845 crore in terms of value and 235 million in volume for the month of July, 2018.