RBI governor Urjit Patel unveils UPI 2.0 Version

[Aug 17, 2018]

UPI was launched on April 11, 2016 and in the last two years the platform has emerged as a popular choice among users for sending and receiving money. BHIM UPI has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in the month of July 2018.

RBI governor Urjit Patel on Thursday unveiled UPI version 2.0 which will allow customers to use overdraft limit for making payments for merchants.

The second version of the Unified Payments Interface (UPI) will also enable customers to check the invoice sent by merchant prior to making payment, National Payments Corporation of India (NPCI) said in a statement.

Patel also outlined the need for ensuring adequate importance to be ascribed to cyber security, stating that all efforts need to be channeled to this area and that costs should not be an inhibiting factor to this critical area.

SBI Chairman Rajnish Kumar said the UPI 2.0 has enhanced features such as invoice in the inbox, signed intent/QR and UPI mandate with blocking of funds all operating in a safe and secure manner.

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