RBI Governor Urjit Patel launches UPI 2.0

Mumbai: Reserve Bank of India (RBI) Governor, Urjit Patel on Thursday launched the Unified Payments Interface (UPI) 2.0 developed by the National Payments Corporation of India (NPCI). The UPI 2.0 has enhanced features such as “invoice in the inbox, signed intent or QR, UPI mandate with blocking of funds and UPI for overdraft account”, NPCI said in a statement. Speaking at the launch, Patel said the enhanced platform is the outcome of “a calibrated approach adopted by the Reserve Bank, in the initial years as a developer and in later years as a catalyst and facilitator.”

Patel also outlined the need for ensuring adequate importance on cyber security and noted that costs should not be an inhibiting factor for the same, the statement said. Nandan Nilekani, Advisor – Innovation, NPCI said the UPI has grown considerably post demonetisation and has been the catalyst for retail payment systems with many banks building products around the UPI.  The first version of UPI was launched in 2016.

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