NPCI or National Payments Corporation of India recently launched an upgrade to its UPI or Unified Payments Interface. The 2.0 version of the original launched back in 2016 April comes with a UPI Mandate and Invoice feature in the Inbox, adds support to OD accounts, an ability to identify vendors through QR Codes and much more.
Unified Payments Interface 2.0
The upgraded version of the UPI first launched in April 2016 was recently unveiled by the NPCI. The UPI 2.0 carries several new features like UPI Mandate and Invoice in Inbox and security enhancements like Signed Intent and a QR that allows the customer to verify the vendor before making payments.
There is also a possibility to affix UPI to an OD (overdraft) account. This support feature in UPI 2.0 is above and beyond the currently existing support feature to savings and current accounts. Banks that have partnered with version 2.0 include HDFC, SBI, ICICI, Axis, IDBI, RBL, Kotak Mahindra, Yes Bank, Induslnd, HSBC, and Federal Bank.
UPI 2.0 to launch in mid-August with limited functionality
Attach OD Account to UPI 2.0
Among the new features added to UPI 2.0, its overdraft account customers can now transact as well as avail benefits of wireless and cashless payments. This new feature of enabling customers to link their OD accounts to UPI will not only expand the user base but will also provide the OD account holders with an auxiliary digital channel. This new facility comes in addition to the existing ability to attach savings and current accounts to UPI.
UPI 2.0 Mandate
With 2.0 comes the feature of UPI Mandate. This allows the customers to pre-authorize a payment that will be deducted at a later date. A one-time blocking functionality is also a part of the version 2.0 of UPI. With this function, payments against products and services that take a while to reach the customers, are accrued. The merchants are, however, assured of the transfer of money on receipt of goods and services.
For example, this feature of UPI 2.0 will be helpful in cases when you are booking a cab and will pay only once you reach your destination. Or you make an online purchase and opt for payment on delivery, version 2.0 of UPI helps secure such transactions.
Invoice in the Inbox Feature 2.0
Additionally, Invoice in the Inbox feature allows the user to verify the attachment or invoice before he or she authorizes payment via received links in the intent or collect message from the merchant. This provides the customer with an opportunity to view and verify merchant credentials and cross-check the payment details. This also affords the customer a chance to make the payment after verifying the invoice.
Security Measures 2.0
Signed Intent and a QR feature that allows the customer to verify the vendor by scanning their QR code comes with the UPI 2.0 version. According to NPCI, this feature sanctions payment only after the vendor’s identity has been verified and not before. Otherwise, the customer will receive an alert notification from the UPI 2.0.
At the launch of UPI 2.0 in Mumbai, Nandan Nilekani, NPCI Advisor-Innovation, underlined that version 2.0 of UPI has laid the foundation for unprecedented payment solutions to be offered by banks. And because the guidelines are uniform and built on open source, they are methodical as well.
WhatsApp could soon allow you to send and receive money in India through its UPI-based service
The post NPCI Launches UPI 2.0 with Attractive Features – Invoice Feature, Support For OD Account And Vendor Identification appeared first on MySmartPrice.
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