Upgraded UPI may be rolled out in July 2018 (UPI 2.0) | The New Version of Unified Payments Interface.
New Delhi: An upgraded version of the unified payments interface (UPI), UPI 2.0, is expected to be launched on Friday, after several months of delay. The National Payments Corporation of India (NPCI), which manages the UPI platform, presented a demonstration of UPI 2.0 to some top bank officials on Tuesday, said two people familiar with the development. NPCI is the umbrella organization for all retail payments in the country. UPI is a payments system that facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any detail of the beneficiary’s bank account. Fintech companies have been waiting for the launch of UPI 2.0 since September last year, though NPCI has never announced a launch date. All the apps of banks and fintech companies based on the existing UPI platform will have to be upgraded once the new version is rolled out. “UPI 2.0 will have additional features such as generating collect payment requests along with invoi