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L to R: Rajnish Kumar, Chairman, State Bank of India, Nandan Nilekani, Advisor Innovation, NPCI, Urjit Patel, Governor, Reserve Bank of India and Biswamohan Mahapatra, Non- Executive Chairman, NPCI launching UPI 2.0 at Mumbai on August 16, 2018.
 
 
Edition 2 of Indian UPI payments interface launched

Mumbai August 17 2018: The National Payments Corporation of India (NPCI)  has launched Unified Payments Interface (UPI) 2.0. The key features of UPI 2.0 are:
Overdraft facility
In addition to current and savings accounts, customers can link their overdraft account to UPI. Customers will be able to transact instantly and all benefits associated with OD account shall be made available to the users. UPI 2.0 will serve as an additional digital channel to access OD account.
One Time Mandate
UPI mandate could be used in a scenario where money is to be transferred later by providing commitment at present. UPI 2.0 mandates are created with one time block functionality for transactions. Customers can pre-authorise a transaction and pay at a later date. It works seamlessly for merchants as well as for individual users. Mandates can be created and executed instantly. On the date of actual purchase, the amount will be deducted and received by the merchant / individual user. 
Invoice in the inbox
This feature is designed for customers to check the invoice sent by merchant prior to making payment. It will help customers to view and verify the credentials and check whether it has come from the right merchant or not. Customers can pay seamlessly post verifying the amount and other important details mentioned in the invoice.
Signed intent & QR
This feature is designed for customers to check the authenticity of merchants while scanning QR code. It notifies the user with information to ascertain whether the merchant is verified UPI merchant or not. This provides an additional security to the QR as well as intent. Transactions are processed faster as app passcode is not required in case of signed intent. It also negates the chances of QR tampering. Customers will be informed in case the receiver is not secured by way of notifications.   More information  here
UPI 2.0 member banks as on date are: State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
UPI was launched on April 11, 2016 and in the last two years the platform has emerged as a popular choice among users for sending and receiving money. BHIM UPI has recorded transactions worth Rs. 45,845 crore and 235 million in terms of value and volume in the month of July 2018.
Dr. Urjit Patel, Governor, Reserve Bank of India,  Nandan Nilekani, Advisor – Innovation, NPCI and  Rajnish Kumar, Chairman, State Bank of India launched the service yesterday in the presence of Biswamohan Mahapatra, Non- Executive Chairman, NPCI, Dilip Asbe, MD & CEO, NPCI and senior bankers from the industry.




    


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