UPI 2.0

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

In a Q&A, the company's CEO dwells on the huge opportunity the payments business provides in India and why there is a sudden rush to acquire an aggregator licence

As NPCI seeks to integrate digital wallets on the UPI platform is expected to be positive for Paytm, which has a 60 per cent share in wallets

Hints at the need to make transactions on the platform chargeable

The RBI has asked for feedback and suggestions before October 3

UPI transactions hit an all-time high of 1.34 billion in June, with transactions of over Rs 2.61 trillion clocked in June alone

Finance Minister Nirmala Sitharaman last month said no Merchant Discount Rate (MDR) charges will be applicable on transactions through homegrown RuPay and UPI platforms

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

UPI 2.0 is specifically aimed to boost digital payments for merchants

The updated payments system comes with new features such as the ability for people to link their overdraft accounts to the UPI app

The updated version unveiled has been in the works for more than six months and has features like letting the merchants attach bills along with their payment requests

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