12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

UPI 2.0 set to be launched today by Urjit Patel

Though UPI 2.0 will miss the main attraction of automated recurring payments, it will now bring in features like overdraft facility, IPO subscription, block feature on digital payments etc.

, ET Bureau|
Aug 16, 2018, 10.44 AM IST
0Comments
BCCL
UPI 2.0
ET had reported in its July 31st edition that UPI 2.0 could be launched in the second half of August, with limited functionalities.
After multiple delays and a few roadblocks the updated version of UPI commonly known as UPI 2.0 is set to be launched by the National Payments Corp of India today at an event in Mumbai.

The Reserve Bank of India Governor Urjit Patel along with State Bank of India chairman Rajnish Kumar and Nandan Nilekani the non executive chairman of Infosys are expected to formally launch the updated version.

As per two bankers in the know of the matter around 10 banks will join UPI 2.0 from the beginning which includes the likes of SBI, HDFC Bank, Axis Bank, ICICI Bank and Yes Bank among others. The other banks are in multiple stages of updating the payment product.

"NPCI wanted the updated UPI to be launched by the Governor himself just like UPI as banks are expecting to look at UPI 2.0 as a new mode of payment which they expect will bring in more transactions on the payment platform," said one of the bankers quoted above.

They also said that banks will take time to roll out all the product updates and things should stabilise within the next two months.

ET had reported in its July 31st edition that UPI 2.0 could be launched in the second half of August, with limited functionalities.

Though UPI 2.0 will miss the main attraction of automated recurring payments, it will now bring in features like overdraft facility, IPO subscription, block feature on digital payments etc.

Also Read

RBI nod to UPI transactions for recurring payments

RBI extends recurring payments feature to UPI

UPI market share cap in limbo

How to recharge FASTag using the BHIM UPI app

Autos to tea stalls: UPI makes inroads

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service