NPCI enhances UPI 2.0, allows customers to make recurring payments

NPCI is also working on proximity payment option for the platform where one can make payments from a mobile phone that uses near-field communication technology

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