Following multiple delays, the National Payments Corporation of India (NPCI) has finally launched the upgraded version of the Unified Payments Interface (UPI), dubbed UPI 2.0. While most of the features in the updated version were largely expected, the absence of recurring payments is bound to disappoint users and industry players alike. UPI 2.0 will offer multiple new features like Overdraft account- Customers can now link their overdraft enabled bank accounts to UPI accounts, which will let them make transactions even if their accounts don’t have the necessary funds. It is important to note that UPI will only serve as a channel or extension of the overdraft account and limits placed by the concerned banks will apply. Transaction limit- The transaction limit for UPI 2.0 has been doubled from the earlier version of Rs 1 lakh to Rs 2 lakh. One-time Mandate-…
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