UPI 2.0 Brings Overdraft Account, Signed QR Codes and More: Everything You Need to Know

npci upi 2.0 launched india: features, specs, launch date

After multiple delays, the National Payment Corporation of India (NPCI) has at present finally officially unveiled UPI ii.0 at an event in Bombay today.

As expected, UPI 2.0 brings a huge listing of new features, such as overdraft account linking, invoice in the inbox (within a UPI-enabled payments app) and one-fourth dimension mandate amongst others. It as well sets the stage for the next-gen features such as continuing instructions and more than.

There are also a ton of other changes in tow, so let us jump in and take a look at what's new with this update:

Overdraft Account Linking

UPI 2.0 finally gives you the power to link your overdraft account to the payments system. This means you'll soon be able to pay for stuff fifty-fifty when you don't have enough money in your account, without exceeding a maximum negative residuum limit.

The ability to utilize overdraft facility volition make information technology easier for merchants who use current accounts to settle their balances. Yous can check out the video below to know more:

Transaction Limit Enhanced

NPCI has attended to the alluvion of requests from UPI users and at present increased the total transaction limit to Rs two lakh from the previous Rs 1 lakh. Each transaction is withal limited to Rs x,000. The extended limit will only exist available to select users, with more than details awaited on the eligibility criteria.

Invoice in the Inbox

This is a characteristic designed for cautious users, who similar to double-bank check every transaction and payment corporeality before paying up. Invoice in the Inbox is lets you"view the invoice of a bill inside the UPI payment app" before moving forward to enter the UPI PIN and complete the transaction.

One Time Mandate

The i-time mandate feature has been designed to help usershandle 'on-delivery' payments via UPI. When ownership a new product online on cash on commitment, or using OLA, y'all can choose to pay afterward via UPI 2.0 and the payment will no longer exist deducted instantly from your account.

The amount will be blocked in your bank account but the merchant volition only be paid the aforementioned when you receive the item or, in the case of OLA, reach your destination. It's a great new addition to tackled delivery failures, and cease endless calls with customer care.

Signed Intent & QR

Earlier last year, NPCI had as well launched India QR to make information technology simpler for users to scan and pay for appurtenances but it didn't get enough of an adoption. Thus, UPI ii.0 introduces signed QR codes that volition confirm that a merchant is verified and you can securely complete the payment.

UPI 2.0 is a significant upgrade and focuses on improving person-to-merchant (P2M) transactions. Information technology'south of import to see these changes as not just new features but a way to ameliorate platform security.

As of June 2018, NPCI hasrecorded 24.6 crore UPI transactions, with funds worth Rs forty,834 crore being transacted using the payments organisation. But with all these new features in tow, we can just expect the adoption and transaction numbers to rise in the coming months. What are your thoughts on UPI two.0? Tell united states of america in the comments below.