NPCI BHIM UPI version 2.0 is now officially launched with lot many features. This upgraded version of BHIM UPI 2.0 is having features of Overdraft. This new overdraft facility could be used where money has to be transferred later by providing commitment at present.
Following banks are on BHIM UPI 2.0 State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
Customers can pre-authorise a transaction and pay at a later date. This is similar to Banking Overdraft facility.
Here are key features of UPI 2.0:
- Overdraft Account Linkage – UPI 2.0 is having an additional feature of Overdraft account other than Saving & Current account. Customers will be able to transact instantly and all benefits associated with overdraft account shall be made available to the users.
- Recurring/ One Time Mandate Scheme – Paying EMI could be easier with BHIM UPI 2.0. Customers can pre-authorise a transaction and pay at a later date. This facility is for both Merchants as well as Individuals. Mandates can be created and executed instantly. On the date of actual purchase, the amount will be deducted and received by the merchant/individual user.
- Invoice For Shopping in Inbox for Payment – With this new UPI 2.0 version, customers may check the invoice sent by merchant prior to making payment. It will help customers to view and verify the credentials and check whether it has come from the right merchant or not. Customers can pay after verifying the amount and other important details mentioned in the invoice.
- Instant Verified Merchant on QR – With this new feature for authentication, customers can check the authenticity of merchants while scanning QR or quick response code. It notifies the user with information to ascertain whether the merchant is a verified UPI merchant or not. This provides an additional security. Customers will be informed in case the receiver is not secured by way of notifications, said NPCI.
