Hello and welcome to exampundit. A few days back Government launched the updated version of Unified Payments Interface, UPI 2.0.
RBI governor Urjit Patel, State Bank of India (SBI) chairman Rajnish Kumar and Nandan Nilekani, the non-executive chairman of Infosys who is also the innovation advisor at NPCI , formally launched the product.
Important Features of UPI 2.0
Linking of overdraft account: In addition to current and savings accounts, customers can link their overdraft account to UPI.
Customers will be able to transact instantly and all benefits associated with overdraft account shall be made available to the users. UPI 2.0 will serve as an additional digital channel to access the overdraft account.
One-time mandate: UPI mandate could be used in a scenario where money is to be transferred later by providing commitment at present.
UPI 2.0 mandates are created with one-time block functionality for transactions. Customers can pre-authorize a transaction and pay at a later date.
Invoice in the inbox: According to NPCI, this feature is designed for customers to check the invoice sent by merchant prior to making payment.
It will help customers to view and verify the credentials and check whether it has come from the right merchant or not.
Customers can pay after verifying the amount and other important details mentioned in the invoice.
Signed intent and QR: This feature is designed for customers to check the authenticity of merchants while scanning QR or quick response code.
It notifies the user with information to ascertain whether the merchant is a verified UPI merchant or not.
This provides an additional security. Customers will be informed in case the receiver is not secured by way of notifications, said NPCI.
Member Banks of UPI 2.0
UPI 2.0 member banks as on date 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.
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