NPCI’s UPI 2.0 Digital Payments Interface Launched

NPCI’s UPI 2.0 Digital Payments Interface Launched

NPCI’s UPI 2.0 Digital Payments Interface Launched

by August 17, 2018

The National Payments Corporation of India (NPCI) has come up with a renewed version of its extremely popular payments platform – the BHIM UPI (United Payments Interface). NPCI has launched four new cool features which intends to make digital payments more attractive and safer for the user and thereby, further enhance adoption of UPI.

As India is taking giant strides towards creating a digital economy, the BHIM UPI has already played a significant role in connecting customers to merchants and creating a robust electronic transactions interface.

BHIM UPI 2.0 has most of the reputed banks in India as its members. The names 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. The four new cool features that will be a part of UPI 2.0 is as below:

Overdraft facility:

While BHIM UPI allowed customers to link their current accounts and savings account to UPI, the UPI 2.0 enables customers to link their overdraft (OD) account to UPI. This will enable the customers to make an instant transaction through an additional digital channel with access to OD account.

One Time Mandate:

This feature of UPI 2.0 will enable customers to schedule their payments. It comes in handy when the customer would want to commit to making a payment but would want to transfer the money later.

Through this feature, a customer can schedule payments. It can be used in cases where the money is to be transferred later for commitments made at a certain time. The feature enables a transaction to be pre-authorised so that the mentioned amount ca be deducted on the scheduled date.

Invoice In The Inbox:

This feature will enable customers to receive invoices from merchants directly into their inbox. This will help them to verify and authenticate the merchant after checking his credentials. The payment may be made after having complete trust in the credentials of the merchant and ensuring that the merchant is authentic.

Signed Intent and QR:

This feature will enable customers to ensure that the merchant is authentic. They can check the credentials of the merchant through a QR code. The QR Code will empower them with information on whether the merchant is UPI verified or not.

Since the launch of the BHIM UPI in 2016, it has become a very popular method of sending and receiving money. This can be largely attributed to the ease of use and the capability of the payment interface to enable immediate transfer of money.

Apart for the member banks, BHIM UPI enabled payments can be seamlessly carried out through popular digital wallets such as PayTM, Google Tez, Pockets by ICICI Bank, PayZapp by HDFC Bank, etc. Around 235 million transactions worth Rs 45,845 crore were done through BHIM UPI in July 2018 alone.