UPI 2.0 Coming Soon With Double Transaction Limit, Overdraft Account Linking and More

The new and improved version of the Unified Payment Interface is finally all set to exist launched, with the National Payment Corporation of Bharat (NPCI) expected to ringlet out UPI 2.0 later on this week. With version 2.0, UPI is likely to include a bunch of new features similar the doubling of transaction limits to Rs 2 lakh, and the ability to link overdraft (OD) accounts to UPI. The Aadhaar-based payment feature, nonetheless is expected to be withdrawn post-obit privacy concerns.

Overall, UPI 2.0 will be a significant modify from its showtime-gen avatar, and will be highly focused on Person-to-Merchant (P2M) transactions. According to a source quoted by YourStory, "Nigh of the features are designed for P2M. I guess the requirement is that P2M players need to scale up with the UPI infrastructure".

Another new feature expected to exist added to UPI every bit part of the impending update is the power for merchants and service providers to cake an amount in the customer's account every bit security as in an escrow account, with the transaction going through but subsequently the commitment of the goods or services.

In that location's besides talk about east-wallets being function of UPI ii.0, although, there seems to exist no confirmation regarding that but yet. As things stand at present, only depository financial institution accounts can be used for UPI payments. UPI 2.0 is also expected to bring the invoicing characteristic that will enable individuals or merchants to send an invoice forth with a payment request in the Inbox.

One thing to note here is that 'Standing Instructions' may not exist a part of the new update, although, it may be rolled out at a later date. Co-ordinate to the report, the long delay in rolling out UPI 2.0 is precisely because of Standing Instructions, and the only reason the characteristic however won't be part of the upcoming update is because the NCPI didn't want to postpone the launch any farther.

The Standing Instructions feature, in instance you didn't know it already, will permit users to prepare automated payment mandates via UPI, facilitating monthly subscription services and other regular payments through 1-time authentication. The feature, co-ordinate to the report, was removed from UPI following disapproval from the RBI.