NPCI launches UPI 2.0

Reported by: |Updated: August 21, 2018

The National Payments Corporation of India (NPCI) has launched Unified Payments Interface (UPI) 2.0, which has additional features such as allowing customers to link their overdraft accounts to UPI, creation of one-time mandates and pre-authorization of transactions for payment at a later date, and checking the invoice sent by merchants prior to making payments. Dilip Asbe, MD and CEO, NPCI, said large number of banks, merchants, third-party players and consumers trusted the UPI platform which resulted in substantial growth in terms of volume and value of transactions since its inception. With the launch of UPI 2.0, he said, NPCI hoped to touch new milestones by expanding UPI’s presence especially in person-to-merchant payment space. UPI transactions in FY2016-17 touched Rs 17.86 billion. UPI 2.0 member banks are 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.