After multiple delays, the UPI 2.0 comes with a few updates from UPI interface. The new features of UPI 2.0 include Overdraft facility, One Time Mandate, Invoice in the inbox and Signed intent & QR.
Overdraft facility lets customers link their overdraft accounts, one-time mandate allows blocking funds when shopping online, and releasing them when the product is delivered. Invoice feature allows merchants to send an invoice to the customers so that they can verify and make payments, whereas Signed intent & QR allows users to check the authenticity of the merchant. Lastly, the transaction limit has also been raised to 2 lac.
Currently, there are 11 banks that support the updated version: 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.
Unified Payments Interface (UPI) is a channel that powers multiple bank accounts into a single mobile application. The initial version of UPI was launched in April 2016. According to NPCI, BHIM UPI has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in a single month of July 2018.
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