The National Payments Corporation of India (NPCI), the organisation managing all retail payment systems in the country, has introduced Unified Payments Interface 2.0 (UPI 2.0).
UPI is a real-time payment system developed by the NPCI to facilitate inter-bank transactions from a single application.
Regulated by the India’s central banking authority RBI, it also encompasses multiple banking features and merchant payments into one location.
The upgraded version has been launched by the RBI Governor Urjit Patel who said that the launch is a result of ‘calibrated approach adopted by the Reserve Bank – in the initial years as a developer and in later years as a catalyst and facilitator.’
The UPI 2.0 is upgraded with various new features including Invoice in the Inbox, Signed Intent/QR, UPI Mandate with Blocking of Funds.
The Invoice in the Inbox feature allows users to check the invoice prior to making a payment, while Signed Intent/QR feature will enable them to verify the merchants using QR code.
The updated version will also enable users to link their overdraft account to UPI.
At the event, NPCI MD and CEO Dilip Asbe said: “Large number of banks, merchants, third-party players and consumers trusted this platform which resulted in substantial growth in terms of volume and value of transactions since its inception.
“With the launch of UPI 2.0 we hope to touch new milestones by expanding UPI’s presence especially in person-to-merchant payment space.”