A unified payment interface is a real-time payment system. This system helps to transfer funds instantly between two banks, and you can do this with the help of your mobile phones. The launch of UPI was in August 2016. Ever since its launch, the face of digital payments has changed vigorously. Today UPI is one of the most preferred mode of payment.
A unified payment interface has undoubtedly simplified the digital payment ecosystem. This is even continually evolving to simplify even more and provide more benefits to the people. With the launch of UPI2.0, you will now be able to do a lot more than ever before. It comes with some new cool features that can take the digital ecosystem a step ahead. Read on more to learn about its unique features.
Critical features of UPI 2.0
Given below are all the new key features of UPOI 2.0.
One time mandate
This is one of the best features of the UPI payment system. With this, the customers can pre-authorize a Debit transaction from their linked bank account later. This UPI can be used in the scenarios where the money is to be transferred on a future date. You can schedule your payments while the money can be transferred later. The mandates are created with one-time book functionality. The customers can pre-authorize a transaction and can pay. In the case of the merchant payments or the service, this acts as an assurance to both the customer and the merchant.
Two-factor authentication
This is one of the security features that come into effect during the transaction process. While registering on UPI, the user will get an option to set an MPIN via mobile PIN. The MPIN is a 4 or 6 digit number set up while registering on the UPI app.
Generating it is an easy process. You can develop it by just clicking on the create or generate MPIN tab and entering your debit card details. In the transactions, the MPIN plays a significant role and is used to authenticate a transaction. Don’t worry if you forget the MPIN. You can change it if you forget it by using the same create or generate MPIN tab.
For Lggin MPIN is required, for transactions TPIN is required.
TPIN is 4 or 6 digits
Invoice in the inbox
When a collect request was is sent, one could only verify the amount being paid and make the UPI payment post entering the UPI PIN. This was done earlier. Now proper prior to making payments, the customers can check the invoice that is being paid via a link and thereby verify the transaction details before they pay for the same. This function is available for the invoices to the verified merchants. The customers will now get to view the bill in the UPI app. Also, they can verify the details and pay the invoice.
- Linking of overdraft account
The customers can now link their overdraft account to UPI in addition to the current and savings account. This feature gives customers a digital channel to access their overdraft account. With this instant linking of overdraft account in the UPI payment gateway is also possible. Customers can now enjoy all the benefits associated with the overdraft account.
- Signed intent and QR
If the customer is making payment through scanning QR or the new intent, they will get the additional security in signed QR or intent.
FINACUS offers the FinUPI: Unified Payment Interface solution that is like a wallet but is more than just a wallet. Our solutions is having scalable architecture and have been developed, keeping in mind today’s security challenges. Request a demo for more information.