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.
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.