You must have heard about UPI payments in the past few years and the revolution it has brought along, making payment transfers easy, hassle-free, and seamless.
With its increasing utility and demand, a new and updated version of UPI(2.0) has been introduced with new features, making the whole process even more user-friendly and easy to operate.
So, what can you expect from this new UPI 2.0? How will it be different from the older version? All of these questions have been addressed here.
The new version has simplified payment features and a multipurpose action bar that has made navigation more accessible and enables a smooth payment experience, thus making it an improved version of the older one.
What is UPI 2.0?
Launched in 2018, UPI 2.0 entails a list of new features like making recurring payments and will serve as an additional digital channel to access the OD(overdraft) account, allowing users to pre-authorize a transaction and through UPI pay later.
UPI is a payment system which allows transfer of money between two bank accounts and also allows customers to directly pay from a bank account to different , merchants, both online and offline, without any hassle. This new version of UPI allows higher transaction limits and has more secure QR-based payments. These added features go on to make UPI a more attractive option.
What are the features of UPI 2.0?
● Overdraft account
Unlike before, you can now link the overdraft account to your UPI ID. The customers will benefit as there will be instant interlinking of the overdraft and the UPI, providing a digital channel to access the OD account.
● Additional security
It provides extra security with the option of signed intent and QR, which will help reduce issues related to tampering and will also help eliminate non-verified entities, thus giving an added layer of security. This will assure the authenticity of the receiver by informing if the QR is not secured.
There is a feature mandating a pre-authorization of a transaction that will be debited later from your bank account (UPI pay later). It helps in the type of transaction that needs instant commitment but payment later. This automatically pays the amount later when the mandate is executed, which can be done only once.
● Invoice before payment
You will get an invoice, which is being paid via a link, along with the deductible amount before entering the UPI PIN. This will verify the details before the transaction is made, which is only available for the invoices of the verified merchants.
How is UPI 2.0 different from UPI?
While UPI only allows peer-to-peer transactions, UPI 2.0 allows all kinds of transactions. It provides extra features over the old version, providing additional protection to the transactions and different facilities like overdraft linkage, etc.
Apart from similar features like scanning the QR and paying, the new version has added another layer of providing the invoice beforehand to authenticate the process.
Which is the best UPI 2.0 app?
I have been using the Bajaj app to make UPI payments for the past two months. It allows users to make secure and convenient transfers from your smartphones. You can make various transfers apart from bank to bank, like mobile wallet payments, credit and debit card payments for paying utility bills, mobile phone bills, and other online purchases.
It also offers other financial services, such as personal loans, insurance policies, etc. You can also scan QR and pay merchants countrywide, making it accessible and interoperable.
In the coming times, the concept of Digital India will increase manifolds, and it is only sensible to make the shift now to get accustomed to the changes that will follow. So, start your digital journey with Bajaj Finserv and experience the most seamless, efficient, and convenient service at the click of a button.