National Payment Corporation of India (NPCI) may launch UPI Version 2.0 anytime soon. NPCI has shown the demonstration of UPI version 2.0 few of the bank officials with all inbuilt new features.UPI or Unified Payment Interface is a payments system that facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any detail of the beneficiary’s bank account.
All the apps of banks and fintech companies based on the existing UPI platform will have to be upgraded once the new version is rolled out.
Features of UPI 2.0
UPI 2.0 will have additional features, few of theme are
- Generating collect payment requests along with invoice/ bill attachment
- One-time mandate with block functionality
- Signed intent/quick response code
- Adding of overdraft account type in UPI and foreign inward remittance
NPCI has informed that the much required bio-metric payment authentication feature, which was supposed to be rolled out with the help of the Aadhaar service will not be available in this version and has been withdrawn because of privacy concerns.
Cashback offered on UPI transactions by the government are applicable only on bank-led UPI apps or the Bharat Interface for Money (BHIM) app.