The National Payments Commission of India (NPCI) launched the United Payments Interface (UPI) 2.0 on Thursday, to expand its presence in the person-to-merchant payment space.
“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," Dilip Asbe, managing director and chief executive officer, NPCI said.
"From launching a card payment settlement system that competes with Visa and MasterCard to setting up a platform to facilitate instant money transfer service, NPCI has been moving from one success story to other, " Rajnish Kumar, chairman, State Bank of India said.
The new payments features will include:
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 OD account shall be made available to the users. UPI 2.0 will serve as an additional digital channel to access OD account.
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-authorise a transaction and pay at a later date. It works seamlessly for merchants as well as for individual users. Mandates can be created and executed instantly. On the date of actual purchase, the amount will be deducted and received by the merchant / individual user.
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 seamlessly post verifying the amount and other important details mentioned in the invoice.
This feature is designed for customers to check the authenticity of merchants while scanning QR code. It notifies the user with information to ascertain whether the merchant is verified UPI merchant or not. This provides an additional security to the QR as well as intent. Transactions are processed faster as app passcode is not required in case of signed intent. It also negates the chances of QR tampering. Customers will be informed in case the receiver is not secured by way of notifications.
UPI was first launched in 2016, resulting in a popular choice for transactions. The platform has about 11 banks which include State Bank of India, HDFC Bank, Axis Bank, ICICI Bank and has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in the month of July, the statement said.