UPI 2.0 helping merchants; to allow Aadhaar-based biometric transaction

Users will be able to set mandates for recurring payments and transact using Aadhaar-based biometric authentication

The National Payments Corporation of India (NPCI) will soon launch a new version of Unified Payments Interface (UPI). Christened UPI 2.0, the next generation platform will simplify transactions even further for users.

While UPI 1.0 was about the person-to-person transaction, UPI 2.0 plans to ease payments to merchants. “We have already started witnessing a shift in behaviour over the past few months with the share of consumer-to-business payments increasing month-on-month. The launch of UPI 2.0 will only help broaden the use cases, thereby enhancing its appeal to a wider set of customers and businesses,” says Shyamal Saxena, country head–retail banking (India),