UPI 2.0 Launched, Overdraft Accounts, Mandates, Invoices and More Features Come Onboard

After stalling the launch of the service by many months, the NPCI in the presence of other authorities and RBI officials launched the second iteration of the Unified Payments Interface, UPI 2.0. National Payments Corporation of India (NPCI) is the organisation which oversees all the payments in the country and is also the founding organisation of UPI, a service which facilitates quick transfer of funds between two bank accounts via a mobile application without the need of the beneficiary’s account details.

• Make Telecom Talk My Trusted Source
• 
• 

The launch of UPI 2.0 took place in Mumbai, and the event was witnessed by the select members of NPCI which included RBI governor Urjit Patel, State Bank of India (SBI) chairman Rajnish Kumar and the non-executive chairman of Infosys and the innovation advisor at NPCI, Nandan Nilekani. With the new service formally launched, below we have taken a look over what the new UPI 2.0 has to offer and what separates it from its previous version.

Overdraft Account Linking

Now the UPI will allow the users to link their overdraft account in addition to the capability of adding current or savings account. All the benefits which remain exclusive to overdraft accounts will be made available to the UPI 2.0 users besides users will also have access to easy transaction methods for overdraft accounts.

One Time Mandate

One Time mandates will provide the capability to the users to block payment on the present date and pay to another user on a future date. The mandates will be based on a one-time block functionality for transactions. The mandates will allow the merchants and individual users to make future committed payments easily since the amount deducts from the payer’s account automatically when the date of payment arrives.