UPI 2.0 VERSION NOW OFFICIAL - HERE's WHAT's NEW

BACKGROUND

UPI - (Unified Payments Interface) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. 

This is a Payment System Interface, Not an application.

The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

Founded in 2016.

Being a digital payment system it is available 24-7 and across public holidays. 

Unlike traditional mobile wallets, which takes a specified amount of money from user and stores it in its own accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. It uses Virtual Payment Address (a unique ID provided by the bank)

 Image result for upi 2.0 OFFICIALLY LAUNCHED

UPI 2.0, an upgraded version of National Payments Corporation of India (NPCI)’s Unified Payment Interface, has been announced with several new features in August 2018.

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.

UPI 2.0: What's NEW ?
  1. Customers can now link their overdraft (OD) account with BHIM, as opposed to earlier when only fixed and savings account could be linked to BHIM.
  2. The Upgraded UPI 2.0 allows scheduling Payment transfer at a later date.
  3. i.e. ONE TIME MANDATE Feature. 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 per-authorize a transaction and pay at a later date.
  4. Customers can now receive invoices from merchants directly in the inbox to verify the authenticity of credentials. This functionality is only available for invoices of verified merchants for the time being.
  5. There are also new security enhancements including Signed Intent and QR that are designed to let customers verify merchants before making any payments.
RECENT ACHIEVEMENTS OF NPCI
 
• Unified Payment Interface (UPI) - Single mobile application for accessing different bank accounts

• RuPay - card scheme

• BharatQR - A common QR code built for ease of payments

• BHIM app 

Since its launch in April 2016, BHIM has become the most popular money transfer method as per the NPCI. In July alone BHIM recorded 235 million transactions worth Rs 45,845 crore.

For More information, you can access below links:

https://indianexpress.com/article/technology/tech-news-technology/upi-2-0-now-official-here-is-everything-you-need-to-know-5312026/

https://gadgets.ndtv.com/internet/news/upi-2-0-unveiled-overdraft-account-mandate-features-1901575

https://www.firstpost.com/tech/news-analysis/bhim-upi-2-0-has-been-officially-announced-by-the-npci-heres-whats-new-4982621.html

Above Information is as per as per data available in news till the date when I am posting this.
For Other Topics visit - http://learn2ogether.blogspot.com/

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