UPI 2.0 now official: Here is everything you need to know!

UPI 2.0, an upgraded version of National Payments Corporation of India (NPCI)’s Unified Payment Interface, has been announced with several new features. Reserve Bank of India (RBI) Governor Urjit Patel formally launched UPI 2.0 in the presence of select members from banks and the NPCI in Mumbai today.

UPI 2.0 let’s customers link their overdraft (OD) account with UPI. With the initial version of UPI, customers could only connect their saving and current accounts to the payment interface. The upgraded UPI 2.0 allows scheduling payment transfers at a later date. For this feature to work, pre-authorisation over transaction is required.

Sangram Singh, CEO of Freecharge, called it a “great example of how the synergy between technology and financial services is creating a major disruption in the traditional payments and other financial services model”. He said the new features will not only bring about a vast improvement in customer experience “but will also make the transaction processing smoother and smarter for the merchants.” Singh added: “The move by NPCI will encourage a healthy and secure financial ecosystem by replacing redundant processes and managing fund requirements.”

This article has been carried by The Indian Express
Read more at: https://indianexpress.com/article/technology/tech-news-technology/upi-2-0-now-official-here-is-everything-you-need-to-know-5312026/

 

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