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Everything you need to know about UPI 2.0

UPI or Unified Payments Interface is an online payment system that can be used with a smartphone access. Undoubtedly, it has been a game changer in the economy of India. With UPI, you can transfer money without any IFSC code and beneficiary account number.
The good news is that we are soon going to get an updated version of UPI, i.e. UPI 2.0. Expectations are high as the app would be more advanced and flexible than the existing one.
Lets see what major changes it comes with.

The current functioning of UPI

There are many mobile wallets in the market facilitating online payments, but UPI based apps stand ahead of all. The sole reason being the ease of transactions since the users dont need IFSC code or any account detail. You just have to enter the persons mobile number, and the money will be transferred in one go. Users dont even have to add any beneficiary to the account to make a payment.

About UPI 2.0

The next version will be coming somewhere in March 2017, and it's going to be more secure than the existing version. Some of the new features that UPI 2.0 is predicted to have the following features:

Bill payments

Currently, users can only transfer money from one account to others, but cant do the utility payments. But in the upcoming version, there will be features for bill payments, enabling payments like the mobile, electricity, and insurance bills. It is said that the app will get integrated with Bharat Bill Payments to simplify the payments and EMI collections.

Pre-authorized transaction

There are so many bills to pay that sometimes we forget the due dates. The UPI 2.0 will try to solve this problem with pre-authorized transactions. Using the app, you can enable the billers to withdraw amounts before the due date, but the control will be fully in your hand.

Biometric authentication

Fingerprint scanner has been ruling the technologies these days and NPCI has taken this into consideration. The new version will include fingerprint scanner to facilitate payments and other functionality. It will also end the need of an MPIN (Mobile Banking Personal Identification number).

Check on the speed and security

Speed remains one genuine issue with money transfer apps. UPI is working on this latest version to increase the speed of the entire process. The upcoming app will also be secure as a quick message will be sent to the bank and the user, if anything suspicious happening is found on the way.

Mobile number error resolving

Right now the app runs into trouble while managing mobile numbers. If a mobile number is linked to different people, the UPI denies it. However, the same number can be registered with the bank account of all the members. This major issue will be gone with UPI 2.0, which is useful for users who couldn't use it because of the same mobile number.
Expectations are high with the UPI 2.0, but you will have to wait until, it hits the market.
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