National Payments Corporation of India (NPCI) has upgraded unified payments interface (UPI) with enhanced security features and overdraft facilities.
“In addition to current and savings accounts, customers can link their overdraft account to UPI,” NPCI said in a statement.
The UPI mandate could be used in a scenario where money is to be transferred later by providing commitment at present.
“UPI is a path breaking innovation that is unprecedented globally. Its high volume, low cost and highly scalable architecture built on an open source platform is key to India’s transformation to a digital payment economy,” Nandan Nilekani, Advisor — Innovation, NPCI said.
The first version of UPI was launched on April 11, 2016 and in the last two years the platform has emerged as a popular choice among users for sending and receiving money. BHIM UPI has recorded transactions worth ₹ 45,845 crore and 235 million in terms of value and volume in the month of July 2018.
