NPCI launches UPI 2.0 with overdraft facility

• National Payments Corporation of India (NPCI) has upgraded the unified payments interface (UPI) with enhanced security features and overdraft facilities.

• In addition to current and savings accounts, customers can link their overdraft account to UPI.

• The UPI mandate could be used in a scenario where money is to be transferred later by providing commitment at present.

• UPI is a path-breaking innovation that is unprecedented globally. Its high volume, low cost and highly scalable architecture built on an open-source platform is key to India’s transformation to a digital payment economy.

• The first version of UPI was launched on April 11, 2016, and in the last two years, the platform has emerged as a popular choice among users for sending and receiving money.

• BHIM UPI has recorded transactions worth Rs 45,845 crore and 235 million in terms of value and volume in the month of July 2018.

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