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Unified Payment Interface's (UPI) new improved version is ready to make its way for the masses. It is expected that the NPCI (National Payment Corporation of India) will release the updates UPI 2.0 later this week. The new improved version of the UPI app is said to introduce a whole new slew of features such as the app's ability to link OD (overdraft) accounts and double transaction limits of Rs 2 lakhs. However, it is also expected that the Aadhar-based payments feature will not be available going forward following some privacy concerns.
There will be a significant change in the UPI 2.0 app and it will now majorly focus on P2M (Person-2-Merchant) transactions. According to a report from Beebom, a source from YourStory quoted that, "Most of the features are designed for P2M (Person to Merchant). I guess the requirement is that P2M players need to scale up with the UPI infrastructure".
The report further suggests that e-wallets could also be a new addition to the UPI 2.0, however, there is no confirmation as of now related to the same. As of now, only the bank accounts can be used for the UPI payments. It is also expected that in order to introduce the invoicing feature the app will also allow merchants and individuals to send an invoice in addition to the payment request in the Inbox.
It will also be worth noting that the 'Standing Instructions' might not be available with the new update, however, it is expected to be rolled out with a later update. The report also suggests that the delay in the release of UPI 2.0 is mainly because of the Standing Instructions. The reason that the feature will not be included with the upcoming update is because the NPCI (National Payment Corporation of India) didn't wish t delay the release of the update.
For the readers who are not aware of the Standing Instruction feature, we would like to add that it will allow users to set up automatic payment mandates via UPI, availing monthly subscription services along with regular payments via one-time authentication.