Bank of Baroda has launched UPI 2.0 as an acquirer. UPI 2.0 is a new version of UPI payment system with enhanced and secured features with added benefits. It has wide-ranging services with easier authentication process. The bank’s customers can now pre-authorize a transaction and pay on a later date with UPI mandate feature. These mandates are created with one-time block functionality for transactions that can be processed later while making a commitment at present. Individual users and merchants can benefit from these features tremendously, as mandates are generated instantly, and payments get deducted automatically on the authorized date. IPOs under Application Supported by Blocked Amount (ASBA) facility is one such use case. The facility also offers linking of overdraft account under which bank customers can link their overdraft account to UPI. UPI 2.0 will serve as an additional digital channel to access the overdraft account. Murali Ramaswami, ED of the bank, said the upgraded version brings a plethora of facilities and with the payment ecosystem moving towards a digital one, features like One-Time Mandate, which is one of the most talked about features due to its importance in applying of IPO will go a long way in catering to the ever-growing customer needs. Praveena Rai, COO, NPCI said with the added features in UPI 2.0, customers will not only avail multiple benefits but also significantly contribute towards driving rapid growth in digital payments.
