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  • Writer's pictureInsights Wix Admin

UPI 2.0

Updated: Jan 19, 2023

With the right knowledge, skills and tools, entrepreneurs can solve some of the toughest problems of India. The Bharat Inclusion Initiative seeks to build a repository of such knowledge and tools to support impact-focused entrepreneurs in building technology led solutions that are scalable and inclusive.

In this video, Nikhil Kumar, Volunteer, iSPIRT, provides his perspective on the potential of UPI 2.0. Nikhil explains that UPI 2.0 will generate digital invoices with collect pay requests to help merchants notify the purpose of payment and thereby, attain priority. UPI 2.0 also features facilities of e-signed intent and QR code verification of merchants. Altogether, UPI 2.0 is swifter, smarter and more secure.

With version 2.0, UPI has crossed over the bridge to enable credit via the option of overdraft account linkage. However, the offering that has got most people talking is the one-time mandate- UPI 2.0 will make it possible to pre-authorize transactions! While there is still some way to go before we can use this option for recurring payments, the overall possibilities of UPI 2.0 are exciting. Follow the link to see the upcoming features of UPI 2.0.


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