Table Of Contents
- UPI 2.0 : NPCI To Upgrade The Existing UPI System This Week.
- Here Are Some Expected Features Of UPI 2.0
- Features That Are Not Included In UPI 2.0
- Final Words
UPI 2.0 : NPCI To Upgrade The Existing UPI System This Week.
National Payments Corporation Of India (NPCI) launched Unified Payments Interface (UPI) to make digital transactions easier & convenient in August 2016. The interface is regulated by the Reserve Bank of India (RBI) and facilitates Inter-Bank transactions on a mobile platform. Its become popular day by day due to its easy & user-friendly interface. Now according to sources the existing UPI system is getting an upgrade as UPI 2.0
Now NPCI is going to update the existing UPI System. They are referring it as UPI 2.0. The Updated version of UPI tends to focus on User convenience, Security, improvements over the previous system and some additional features .
Here Are Some Expected Features Of UPI 2.0
(1.) Increase In Transaction Limit
According to sources. In UPI 2.0 The Transaction limit will be ₹ 2,00,000, In existing UPI system the transaction limit is restricted to ₹ 1,00,000.
(2.) Support For Overdraft Accounts
Previously the UPI supports the linking of saving Accounts only, But now the UPI 2.0 allows the users to link their Overdrafts Accounts to The Unified Payments Interface.
Merchant will be able to take credits (Through Their O/D accounts) to make payments through UPI.
(3.) E-wallets Linking
The new UPI 2.0 may add support for linking of multiple mobile e-wallets. Previously you can only add bank saving accounts to the UPI.
(4.) Secured Q-R Based Payments
The Q-R Based Payments are going to be more secured in UPI 2.0 As the Q-R Code now consist a certificate. So the user can be sure that the payment is going to the right account
(5.) E-Invoice For Every Transaction For Online Purchase
This will be another interesting feature that will be expected from updated UPI system. The UPI 2.0 will allow merchants to send an E-invoice to any of the UPI apps along with the payment request.
(6.) Amount Blocking Feature
In UPI 2.0 Amount Blocking Feature is expected to be introduced. Through ‘Amount Blocking’ Feature the merchant can able to lock a certain amount in customer’s account which will be debited at the time of delivery of goods or services. According to banks, the facility will be useful in transactions such as booking hotel rooms or airline tickets.
For Example: If you place an order for a smartphone which costs ₹ 5,000, the amount will be blocked from your bank account, instead of instantly deducting it. It will only be debited once the delivery is complete.
Features That Are Not Included In UPI 2.0
Aadhaar Based Payments
At Last , it was also expected to get Aadhaar Based Payment feature, but due to privacy concerns related to Aadhaar, it has been withdrawn .
this feature is also under consideration, however, the Reserve Bank of India has not approved the ‘Standing Instruction’ features
UPI 2.0 sounds interesting, and we can’t wait for the official roll-out to start. What’s your opinion about the latest UPI .20 , Let Us know through the comments.
Have A great Day!