National Payments Corporation of India (NPCI) has finally launched Unified Payments Interface (UPI) 2.0 with new and upgraded features in an aim to ease the digital transaction for users, after a delay of several months. This includes one time mandate with block functionality, option to link Over-Draft (OD) account, Invoice in the Inbox, Signed Intent / QR and it has finally increased the UPI per transaction cap to 2 lakh. Key features of UPI 2.0 One time mandate with block functionality With this feature, consumer can pre-authorise a transaction and block the funds in his account for a debit to be initiated later. UPI Mandate can be used in scenarios where money is to be paid later after obtaining the service; however the money in the account gets blocked instantaneously. The customer's account shall get debited when the UPI Mandate is executed by the merchant or payee. The mandate is digitally signed and stored at customer's account holding bank and also with customer's PSP bank (app providing bank). During the debit, the customer's account holding bank and customer's PSP bank need to validate the digital signature and verify the parameters. https://www.youtube.com/watch?v=2w_Is7qUWxE https://www.youtube.com/watch?v=iu_JSQHCwmA Link Over-Draft (OD) account in UPI Currently savings and Current account addition is permissible ...
Read Here»
Post a Comment Blogger Facebook
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. As the comments are written and submitted by visitors of The Sheen Blog, they in no way represent the opinion of The Sheen Blog. Let's work together to keep the conversation civil.