UPI 2.0 with Overdraft Support,UPI Mandate,Invoice in Inbox Feature Launched

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UPI 2.0 with Overdraft Support,UPI Mandate,Invoice in Inbox Feature Launched.

  • National Payments Corporation of India (NPCI) on Thursday launched UPI 2.0 in Mumbai as an upgrade to the first iteration of Unified Payments Interface (UPI) that debuted in April 2016. 
  • The new UPI version has features such as UPI Mandate and Invoice in the Inbox. There are also new security enhancements including Signed Intent and QR that are designed to let customers verify merchants before making any payments.
  •  Further, there is an option to attach UPI to an overdraft (OD) account. This comes in addition to the existing saving and current account support. Banks that are on board for UPI 2.0 include State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, and HSBC.
  • Among other new features, UPI 2.0 has enabled customers to have transactions and avail the benefits of cashless and wireless payments on their overdraft accounts.
  • UPI 2.0 also brings a UPI Mandate feature that allows customers to pre-authorise a transaction that will be debited at a later date. There is also a one-time block functionality.
  • In addition, UPI 2.0 has an Invoice in the Inbox feature that lets you verify the invoice or attachment before authorising the payment via the link received in the collect or intent message by the merchant. This helps customers view and verify their credentials and check whether the payment details are accurate. Moreover, customers can pay after verifying the invoice.
  • UPI 2.0 also brings a Signed Intent and QR feature that lets customers verify merchants while scanning their QR code. NPCI claims that the feature only lets the UPI system make the payment after confirming the authenticity of the merchants. Otherwise, the feature is touted to notify customers with an alert.
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