Bank of Baroda, India’s second largest public sector bank, announced launch of UPI 2.0 as an acquirer. UPI 2.0 is a new version of UPI payment system with enhanced and secured features with added benefits. The new version boasts of wide-ranging services with easier authentication process.
key features of UPI 2.0 are as under:
now pre-authorize a transaction and pay on a later date with UPI mandate
feature. These mandates are created with one-time block functionality for
transactions that can be processed later while making a commitment at present.
Individual users and merchants can benefit from these features tremendously, as
mandates are generated instantly and payments get deducted automatically on the
Initial Public Offering (IPO) under Application Supported by Blocked
Amount (ASBA) facility is one such use case of One-Time Mandate. SEBI has
mandated that UPI ID to be provided along with application in the IPO process
by the customer.
the application has been received, intermediary uploads bid details in the
stock exchange bidding platform.
exchange shares the bid details along with applicant’s UPI ID (For
example: sourav@barodampay) with sponsor Bank.
bank will request the authority to block funds equivalent to amount applied for
and subsequent debit of funds in case of allotment.
of this request will be sent to applicant as a message on mobile number linked
to Bank. The applicant has to validate the request.
bidding process, if any shares are allotted to the applicant, an instruction is
sent to sponsor bank to unblock excess money (if any) in the investor’s
of overdraft account
In addition to
current and savings account, NPCI has allowed customers to link their overdraft
account to UPI. UPI 2.0 will serve as an additional digital channel to access
the overdraft account.
in the inbox
is designed for customers to check the invoice sent by merchants prior to
making payment. It will help customers to view and verify the necessary details
whether the collect request has been initiated from the right merchant or not.
The functionality will be available only for invoices of verified merchants.
The benefit of this feature is that the customer will get to view the bill in
BHIM Baroda Pay UPI and pay according to the invoice.
Intent & QR
option, while making payment using the intent or through scanning QR, customer
will get additional security in the form of signed QR/ intent. With the onset
of signed QR/ intent, issues related to tampering of QR as well as having
non-verified suspicious entities will be drastically reduced.
On the launch of this
unique version loaded with premium features, Shri Murali Ramaswami,
Executive Director, Bank of Baroda said: “The upgraded version brings a
plethora of facilities for our customers. With the payment ecosystem moving
towards a digital one, features like One-Time Mandate, which is one of the most
talked about features due to its importance in applying of IPO will go a long
way in catering to the ever-growing customer needs. With the advent of this upgraded
version, Bank will also comply with the guidelines deliberated by NPCI to all
member banks in the matter”.
Rai, COO, NPCI
said, “It is an immense pleasure witnessing UPI 2.0 being made available to the
large customer base of BOB. We believe, with added features in UPI 2.0,
customers will not only avail multiple benefits but also significantly
contribute towards driving rapid growth in digital payments. The popularity of
UPI has been growing exponentially and we at NPCI always strive to help
customers across the country in adopting UPI as their preferred payment choice”.
of Baroda constantly strives to bring out innovative digital products along
with bouquet of services for customer ease & enhanced digital user
experience. UPI 2.0 is one such premium offering to customers with unparalleled
and unmatched state-of-the-art features.