UPI 2.0 With Overdraft Support, UPI Mandate, Invoice in Inbox Features Launched


National Payments Corporation of India (NPCI) on Thursday launched UPI 2.0 in Mumbai as an improve to the first iteration of Unified Payments Interface (UPI) that debuted in April 2016. The new UPI version has aspects such as UPI Mandate and Invoice in the Inbox. There are also new safety enhancements which include Signed Intent and QR that are designed to let customers verify merchants earlier than making any payments. Further, there is an choice to attach UPI to an overdraft (OD) account. This comes in addition to the present saving and current account support. Banks that are on board for UPI 2.0 encompass 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.

UPI 2.0 With Overdraft Support, UPI Mandate, Invoice in Inbox Features Launched
UPI 2.0 With Overdraft Support, UPI Mandate, Invoice in Inbox Features Launched
Among other new features, UPI 2.0 has enabled clients to have transactions and avail the advantages of cashless and wi-fi repayments on their overdraft accounts. The potential to let clients hyperlink their overdraft bills to UPI will no longer simply make bigger its consumer base over time however will additionally provide an extra digital channel to the overdraft account holders. The new characteristic comes in addition to the capability to link modern and saving accounts to UPI. 

 UPI 2.0 additionally brings a UPI Mandate feature that lets in customers to pre-authorise a transaction that will be debited at a later date. There is also a one-time block functionality. The characteristic in reality accrues payments for offerings and merchandise that take some time to reach customers. It, however, ensures merchants that the cash will be transferred upon the receipt of the given service or product. The characteristic ought to be useful when you're reserving a cab the place you need to make the payment after achieving at your destination. Likewise, it helps you securely purchase a product from an online market and make its charge upon delivery.

 In addition, UPI 2.0 has an Invoice in the Inbox characteristic that lets you verify the consignment or attachment before authorising the fee through the hyperlink acquired in the acquire or intent message by way of the merchant. This helps clients view and confirm their credentials and take a look at whether or not the charge important points are accurate. Moreover, clients can pay after verifying the invoice. 

UPI 2.0 also brings a Signed Intent and QR function that lets customers affirm merchants whilst scanning their QR code. NPCI claims that the function solely lets the UPI device make the fee after confirming the authenticity of the merchants. Otherwise, the characteristic is touted to notify customers with an alert.

 At the launch in Mumbai, Nandan Nilekani, Advisor - Innovation, NPCI, highlighted that UPI 2.0 has laid down the rails for revolutionary fee options to be provided by banks, and on the grounds that the structures were standardised and based totally on open source, they were environment friendly as well. 
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