National Payments Corporation of India (NPCI) launched the new version of Unified Payments Interface (UPI), yesterday in Mumbai.
The Reserve Bank of India (RBI) Governor Urjit Patel and Nandan Nilekani, Advisor (Innovation), NPCI, were present on the occasion.
UPI 2.0 is loaded with four new cool features and has been made more convenient and attractive for the users. The updated version will soon be available to the users via 11 partner banks, including 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.
RBI Governor accredited the launch to the calibrated approach adopted by the apex bank. He said that RBI initially functioned as a developer, and then donned the role of a catalyst and facilitator.
UPI 2.0 will be available with features such as Overdraft facility, one time mandate, invoice in the inbox, signed intent and QR and many more.
UPI’s first version was ideated by NPCI and launched by Prime Minister Narendra Modi in 2016 as a breakthrough initiative in India’s digital payments industry.
“UPI has transformed the digital payments landscape in India and provided a simple, robust platform for immediate payments. FSS is a leader in UPI, with 20+ deployments and a 10 percent share of total UPI transaction volume in the country. FSS UPI is 2.0 ready to help payment service providers capitalise on UPI’s massive potential. New features built into UPI 2.0 such as merchant one-time mandates, foreign inward remittances, Bill-in-a-box, block funds, online refund and merchant signed indents will help PSPs grow their merchant base and launch innovative, revenue-generating services,” said Suresh Rajagopalan, President – Software Business, FSS.
