What are UPI and its usage
Currently, the internet is rapidly spread through the person to person even in some rural area can use the internet facility, most of the things are possible to do with the help of internet but the transaction of money through internet is a kinda difficult process to do for everyone. In this case, UPI helps to resolve this problem for the users who don't use the currently available payment methods. UPI stands for the Unified Payment Interface which avails the feature of access or using the bank account anytime and safely. Using UPI you can transfer money to others or pay bills using UPI.
UPI is the initiative of NPCI (National Payment Corporation Of India) which is the official payment transfer authorization of India.
UPI can be used through the different banking app, UPI is available in almost every banking app. UPI creates a virtual ID which used to transfer money to others.
It is slightly different from the wallet apps for example because of it uses the transaction from one bank to other and no medium payment gateway.
BHIM (Bharat Interface for money) is the application which you use UPI for the transaction using set MPIN and your UPI pin you send to others UPI users. There is the name of the application which uses UPI that are Paytm, PayPal, and freecharge and banking apps it uses MPIN and UPI pin to authenticate the user by OTP. The RBI (Reserve bank of India) governer Urjit Patel launched UPI 2.0 formally in NPCI (National payment corporation of India) Mumbai.
UPI 2.0 and its upgraded features
recently NPCI (National Payment Corporation Of India) announced his upgrade of its previous payment interface UPI to UPI 2.0 it has comes with advanced features
The features we get on the new UPI 2.0 are:
Linking of Overdraft Account
Using new UPI 2.0 you connect your overdraft account, saving account and current account. Now the customer can transfer or payment using your overdraft account which is unavailable in the previous version. now overdraft payment is fast and easy,
One Time Mandate
One Time mandate is now available in the UPI 2.0 which enable to the authorize the transaction before the payment and then the amount will deduct from the account. it digitizes all Cash on a delivery transaction using signed intent or QR code to check the merchant is verified by UPI or not.
Invoice in inbox
this feature helps to check received invoice before payment it will also verify UPI credential using QR code.
Signed intent and QR
it is the major changes that found in this version which avail the facility to check the authenticity and the UPI credential to the merchant before the transaction and then transfer the amount. if the merchant is not verified then its notified by a message.
UPI 2.0 has come with the above feature that becomes UPI more secure and easy to use everyone, it also has the feature that refunds the transfer money and it takes plenty amount as in block and debits it later.
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