Bank of Baroda has launched an upgraded version of the Unified Payments Interface of (UPI), UPI 2.0. The new version boasts of wide-ranging services with easier authentication process. Murali Ramaswami, Executive Director, Bank of Baroda said: “The upgraded version brings a plethora of facilities for our customers. With the payment ecosystem moving towards a digital one, features like One-Time Mandate, which is one of the most talked about features due to its importance in applying of IPO will go a long way in catering to the ever-growing customer needs. With the advent of this upgraded version, Bank will also comply with the guidelines deliberated by NPCI to all member banks in the matter".
Praveena Rai, COO, NPCI said, “It is an immense pleasure witnessing UPI 2.0 being made available to the large customer base of BOB. We believe, with added features in UPI 2.0, customers will not only avail multiple benefits but also significantly contribute towards driving rapid growth in digital payments."
The key features of UPI 2.0 are as under:
1) One-Time Mandate
Customers can now pre-authorize a transaction and pay on a later date with UPI mandate feature. Individual users and merchants can benefit from these features tremendously, as mandates are generated instantly and payments get deducted automatically on the authorized date.
2) Linking of overdraft account
In addition to current and savings account, NPCI has allowed customers to link their overdraft account to UPI. UPI 2.0 will serve as an additional digital channel to access the overdraft account.
3) Invoice in the inbox
This feature is designed for customers to check the invoice sent by merchants prior to making payment. It will help customers to view and verify the necessary details whether the collect request has been initiated from the right merchant or not. The functionality will be available only for invoices of verified merchants. The benefit of this feature is that the customer will get to view the bill in BHIM Baroda Pay UPI and pay according to the invoice.
4) Signed Intent & QR
With this option, while making payment using the intent or through scanning QR, customer will get additional security in the form of signed QR/ intent. With the onset of signed QR/ intent, issues related to tampering of QR as well as having non-verified suspicious entities will be drastically reduced.