Following a number of delays and a few hurdles, the updated version of UPI which is commonly called UPI 2.0 is set to be introduced to the people by the National Payments Corp of India. The UPI 2.0 will be launched today at an event in Mumbai.
Urjit Patel, the Governor of The Reserve Bank of India along with Rajnish Kumar, State Bank of India chairman and Nandan Nilekani, the non-executive chairman of Infosys are looking forward to formally launch the updated version.
It has been reported that around 10 banks will join UPI 2.0 from the beginning which includes:
– SBI
– HDFC Bank
– Axis Bank
– ICICI Bank
– Yes Bank
However, 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 sources.
They also said that banks will take time to launch all the product updates and things should get stable within the next two months.
UPI 2.0 will miss the major attraction of automated recurring payments, but it will surely come up with fresh features like overdraft facility, IPO subscription, block feature on digital payments etc.