The most awaited launch of the digital payments industry in India is all set to see the daylight today after facing multiple delays and roadblocks. Unified Payments Interface (UPI) 2.0 will be finally launched by the Reserve Bank of India (RBI) Governor Urijit Patel at an event in Mumbai.
Patel along with State Bank of India chairman Rajnish Kumar and Nandan Nilekani the non-executive chairman of Infosys are most likely to formally launch the updated version.
As per the industry sources, around 10 banks namely of SBI, HDFC Bank, Axis Bank, ICICI Bank and Yes Bank among others, will join UPI 2.0 from the beginning. Other banks that are not in the list are in multiple stages of updating the payment product.
Sources suggest that banks are expecting UPI 2.0 to a revolutionary product in India’s digital payments industry. It is expected to inflate the level of transactions in the payments platform.
While the new version will introduce features like overdraft facility, IPO subscription, block feature on digital payments etc., the most awaited and attractive feature of automated recurring payments is omitted.