For Quick Alerts
For Daily Alerts

NPCI to Launch Updated Version of UPI Today


The National Payments Corporation of India (NPCI) will launch an updated version of its instant real-time payment system UPI (Unified Payments Interface) at an event in Mumbai on Thursday.

Also commonly known as the UPI 2.0, it will be launched by the Reserve Bank of India (RBI) governor Urjit Patel, State Bank of India (SBI) chairman Rajnish Kumar and non-executive chairman of Infosys Nandan Nilekani.

NPCI to Launch Updated Version of UPI Today

The NPCI looks at all the retail payments across the country. Its UPI platform allows instant transfer of funds between two bank accounts without the need to know the bank account number of the beneficiary.

Various media reports based on reviews of experts who have tried the demonstration of the updated UPI said that it will include features like overdraft facility, ability to generate collect payment requests with an invoice, block functionality that allows banks to block amount as security, IPO subscription, etc. It will, however, lack the recurring payments option towards loan or bill payment.

Read more about: upi
Story first published: Thursday, August 16, 2018, 11:47 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more