Friday, Apr 19 2024 | Time 08:39 Hrs(IST)
image
Business EconomyPosted at: Aug 16 2018 5:31PM


NPCI launches Unified Payments Interface 2.0

Mumbai, Aug 16 (UNI) The National Payments Corporation of India
(NPCI) on Thursday launched Unified Payments Interface (UPI) 2.0,
which among others allows customers to link their overdraft account
to UPI, creation of one-time mandates and pre-authorisation of
transactions for payment at a later date, and checking the invoice
sent by merchant prior to making payment.
UPI is a system that powers multiple bank accounts into a single
mobile application (of any participating bank), merging several
banking features, seamless fund routing & merchant payments into one
hood. It also caters to the ''Peer to Peer'' collect request which
can be scheduled and paid as per requirement and convenience NPCI
release said.
NPCI is an umbrella organization for all retail payments in India.
UPI version 1 was launched in April 2016.
''Large number of banks, merchants, third-party players and
consumers trusted this platform which resulted in substantial growth
in terms of volume and value of transactions since its inception.
With the launch of UPI 2.0 we hope to touch new milestones by
expanding UPI’s presence especially in person-to-merchant payment
space,'' Dilip Asbe, MD & CEO, NPCI.
Nandan Nilekani, Advisor-Innovation, NPCI said, ''UPI’s high volume,
low cost and highly scalable architecture built on an open source
platform is key to India’s transformation to a digital payment
economy.''
UPI 2.0 member banks as on date 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
In addition to current and savings accounts, NPCI said customers can
link their overdraft (OD) account to UPI in its latest version.
Customers will be able to transact instantly and all benefits
associated with OD account will be made available to the users.
''UPI mandate could be used in a scenario where money is to be
transferred later by providing commitment at present. UPI 2.0
mandates are created with one time block functionality for
transactions. Customers can pre-authorise a transaction and pay at a
later date,NPCI release added
Mandates can be created and executed instantly. On the date of
actual purchase, the amount will be deducted and received by the
merchant/individual user.
UPI 2.0 has a feature whereby customers can check the invoice sent
by merchant prior to making payment. This is aimed at helping
customers to view and verify the credentials and check whether it
has come from the right merchant or not.
A quick response (QR) code feature has been introduced for customers
to check the authenticity of merchants while scanning the code. It
notifies the user with information to ascertain whether the merchant
is verified UPI merchant or not. This provides an additional
security to the QR as well as intent.
''Transactions are processed faster as app passcode is not required
in case of signed intent. It also negates the chances of QR
tampering. Customers will be informed in case the receiver is not
secured by way of notifications,'' said NPCI.
UNI JS NV RJ 1730
Please log in to get detailed story.
Tags: #NPCI launches Unified Payments Interface 2.0
More News

Bajaj Auto net profit at Rs 1936 cr in Q4; clocks all-time high revenue in FY24

18 Apr 2024 | 6:46 PM

New Delhi, Apr 18 (UNI) Two wheeler auto major Bajaj Auto on Thursday announced 29 percent jump in its revenue in Q4 (January-March) at 11,485 crore, led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports.

see more..

Entering share market can boost growth of SMEs: Infopark event

18 Apr 2024 | 6:31 PM

Kochi, Apr 18 (UNI) Small and marginal companies in Kerala enjoy immense scope for growth by entering the stock market, experts said at an Infopark-organised event here on Thursday.

see more..

18 Apr 2024 | 6:09 PM

New Delhi, Apr 18 (UNI) Angle One, a retail stock broking house in India, today announced 31 per cent jump in net profit at Rs 340 crore during Q4 of the last financial year over Rs 260.3 crore in the previous quarter.

see more..

Microsoft and ByteXL join hands to Present HackXcelerate 2024 at CBIT in Hyderabad

18 Apr 2024 | 5:57 PM

Hyderabad, Apr 18 (UNI) Microsoft, a global technology leader, has joined hands with ByteXL, a pioneering EdTech platform, to present HackXcelerate 2024, a nationwide hackathon aimed at igniting creativity and enhancing problem-solving skills among students.

see more..

Honda Motorcycle & Scooter India inaugurates new Engine Assembly Line for CKD exports

18 Apr 2024 | 5:46 PM

Gurugram, Apr 18 (UNI) Honda Motorcycle & Scooter India (HMSI), one of the country’s leading two-wheeler manufacturers, has announced a significant milestone in its journey.

see more..
image