NPCI enhances UPI 2.0, allows customers to make recurring payments

The National Payments Corporation of India (NPCI) is working on enhancing UPI 2.0, which is an upgrade of Unified Payments Interface (UPI), by adding a slew of features to the platform. The NPCI team made a presentation of the new value-added service at the India FinTech Forum.

UPI is an inter-bank fund transfer mechanism run by the NPCI and enables instant fund settlement through a smartphone. The new version will enable customers to make recurring payments.

The biggest unique selling point of UPI 2.0 will be its recurring mandate which would allow customers to block a certain amount of funds from their bank accounts to pay for a product or service prior to availing it. This will assure that the customer has the necessary money while making use of the service.