? Cool Title, but what’s the news?
UPI 2.0, an upgraded version of National Payments Corporation of India (NPCI)’s Unified Payment Interface, was announced with several new features.
? Okay, but what does it mean?
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 on August 17.
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.
Customers can now receive invoices from merchants directly in the inbox to verify the authenticity of credentials. It will also let users verify UPI credentials using a QR code.
? Why should I care?
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. The move by NPCI will encourage a healthy and secure financial ecosystem by replacing redundant processes and managing fund requirements.
Visit the source link below to know more.