NPCI launched UPI 2.0 : Key features explained

UPI 2.0

After wait of months National Payments Corporation of India (NPCI) launched version 2 of it’s most popular payment system 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 , launched the product.

UPI is a system that provides multiple bank accounts into a single mobile application merging many banking features.

The earlier version of of UPI was launched in April 2016.

UPI is gaining the popularity day by day as large number of banks, merchants, third-party players and consumers trusted this platform.

Some third party application based on UPI such as Tez (BY Google) PhonePe are gaining so much popularity these days.

User are attracted to the UPI because it is fast & secured.

Some Key features of UPI 2.0 is as below :

  • Customers can link their overdraft (OD) account.
  • One-time mandate (money is to be transferred later by providing commitment at present).
  • Customer will get Invoice in their inbox.
  • Quick response (QR) code feature has been introduced for customers to check the authenticity of merchants while scanning the code.
  • QR tampering is not possible as the customers will be informed in case the receiver is not secured by way of notifications.
  • Faster transactions as app passcode is not required in case of signed intent.

As per NCPI statement UPI 2.0 member banks currently are State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, Kotak Mahindra Bank , YES Bank , RBL Bank, IndusInd Bank, Federal Bank and HSBC Bank.

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