UPI 2.0 to be launched today
RBI governor Urjit Patel, SBI chairman Rajnish Kumar and Nandan Nilekani, the non-executive chairman of Infosys, are expected to formally launch the product
New Delhi: After a delay of several months, an upgraded version of the Unified Payments Interface (UPI), UPI 2.0 is being launched on Thursday. The launch is taking place in Mumbai with select members from National Payments Corp. of India (NPCI), banks and the Reserve Bank of India(RBI), said a person familiar with the development. RBI governor Urjit Patel, State Bank of India (SBI) chairman Rajnish Kumar and Nandan Nilekani, the non-executive chairman of Infosys, are expected to formally launch the product.
NPCI is the umbrella organization for all retail payments in the country. It also manages the UPI platform that facilitates instant fund transfer between two bank accounts on a mobile platform without requiring details of the beneficiary’s bank account.
Also Read: UPI 2.0 launched. Here are its key features
Around 10 banks are expected to be on board initially, said the person mentioned earlier. However, details of the new features have not been revealed. NPCI has said that it will be issuing the details later during the day.
“Introducing UPI 2.0 with new and upgraded features to ease the digital transaction for users. #UPI2.0 #HighOnUPI,” tweeted NPCI on Thursday, which caught attention of the people as the launch was never made public by NPCI.
According to industry experts,UPI 2.0 will also have features such as generation of collect payment requests along with invoice/bill attachment, signed intent/quick response code, addition of overdraft account type in UPI and foreign inward remittance.
Monthly transactions through UPI fell in July, the first decline since its inception in August 2016, according to NPCI data. The number of UPI transactions fell 4.5% to 235.65 million in July from 246.37 million in the previous month, data released late on Wednesday said. The value of transactions conducted through the UPI platform, however, rose to a new peak. Transactions amounting to ₹45,846 crore were carried out during July as compared to ₹40,834 crore in the preceding month.
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