With a vision to offer a hassle-free payment experience to the users, National Payments Corporation of India (NPCI) launches Unified Payments Interface (UPI) 2.0. Member banks of UPI 2.0 as on August 16th 2018 include SBI, HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
“We are happy to witness the revolution brought about by UPI in the last two years. 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,” says Dilip Asbe, MD & CEO, NPCI.
Established in 2009, NPCI acts as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility in the country. It offers a wide range of services that include Cheque Truncation System, National Automated Clearing House, Aadhar Enabled Payment System, USSD based *99#, Rupay Card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Bharat Bill Pay, and more.
NPCI has introduced several new features in its latest version of UPI. The major ones among them are Overdraft Facility (where customers can link their overdraft account to UPI), One Time Mandate (where customers can pre-authorize a transaction and pay at a later date), Invoice in the Inbox (customers can check the invoice sent by merchant prior to making payment), and Signed Intent & QR (notifies the user with information to ascertain whether the merchant is verified UPI merchant or not).
Rajnish Kumar, Chairman, State Bank of India, says, “NPCI has played a stellar role in enabling various payment platforms. From launching a card payment settlement system that competes with Visa and MasterCard to setting up a platform to facilitate instant money transfer service, NPCI has been moving from one success story to other. The success story of UPI has been acknowledged across the world with other countries trying to emulate similar solutions”.
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