UPI 2.0 Features

Find out how UPI 2.0 revolutionises digital payments with features like one-time mandates, enhanced security, and faster transactions.
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3 min
24 May 2024

The Unified Payments Interface (UPI) revolutionised digital payments in India. Now, UPI 2.0 promises to further enhance the user experience with a wider range of functionalities. This guide will delve into the core concept of UPI 2.0 and explore its exciting new features, empowering you to embrace the future of digital transactions.

What is UPI 2.0?

Building upon UPI's success, version 2.0 introduces a significant upgrade to this digital payment system. Launched in 2021, UPI 2.0 aims to expand UPI's capabilities by offering new features and functionalities. These enhancements focus on improving user convenience, security, and the overall payment ecosystem.

Top 4 new features of UPI 2.0

UPI 2.0 introduces several exciting features that promise to transform the way you manage your money digitally. Here is a glimpse into four key functionalities:

  1. Linked overdraft facility: This feature allows you to link an overdraft facility from your bank account to your UPI. This provides instant access to additional funds if your account balance falls short during a transaction, ensuring a smoother payment experience.
  2. Enhanced bill payments: UPI 2.0 streamlines bill payments by offering features like one-click bill payments, bill reminders, and bill splitting. This simplifies managing various bills and ensures timely payments.
  3. Single sign-on (SSO) for recurring payments: Imagine managing recurring payments like subscriptions or utility bills without re-entering your UPI PIN every time. UPI 2.0 introduces SSO, allowing you to authorise recurring payments with your UPI PIN just once, simplifying the process for future transactions.
  4. Offline payments: While UPI traditionally requires an internet connection, UPI 2.0 paves the way for offline transactions using low-power Bluetooth technology. This enables small, offline payments even in areas with limited internet connectivity.

These are just a few of the exciting features offered by UPI 2.0. As this system continues to evolve, we can expect even more innovative functionalities that will redefine the landscape of digital payments in India.

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Frequently asked questions

How does UPI 2.0 work?

UPI 2.0 builds on UPI's secure foundation (bank accounts linked to apps for virtual payments). It adds features like overdrafts (the linked account covers a low balance during transactions) and improved bill payments (one-click, reminders, splitting). Recurring payments are simplified with single sign-on (one authorisation for future transactions). UPI 2.0 is even exploring offline payments using Bluetooth.

When did UPI 2.0 launch?

UPI 2.0 was launched in India in 2021. This upgrade aimed to address evolving user needs and introduce functionalities that would further promote digital payments within the country.

What is the new feature of UPI?

UPI 2.0 boasts several new features, but some of the most noteworthy include:

  • Linked overdraft facility: As mentioned earlier, this feature allows linking an overdraft facility from your bank account to UPI. This provides a safety net for situations where your account balance falls short during a transaction.
  • Enhanced bill payments: UPI 2.0 simplifies bill payments by offering features like one-click bill payments, bill reminders, and bill splitting. This makes managing various bills and ensuring timely payments more convenient.

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