Since its launch in 2016, UPI transactions have seen impressive growth. According to the NPCI, the growth in UPI transactions in 2018 had been 20 times more than the previous year. In 2018, the UPI transaction amount stood at Rs 45,843 crores, as compared to Rs 6,947 crores in 2017.
But after the advent of UPI 2.0, receiving and sending money has become easier and safer than earlier. This thing happens due to the addition of a wide array of features, benefits, and an upgraded UPI limit per day. In this article, we discuss all these aspects of UPI 2.0 in detail.
UPI 2.0 helps you to send more money easily
How is UPI 2.0 different from UPI?
The inception of UPI 2.0 was in 2018, and it was the second version of UPI. The original or the very first version of UPI facilitated only peer-to-peer transactions, but after the introduction of UPI 2.0, transactions between peers and merchants also became possible.
UPI 2.0 provides users with a pre-authorized commitment of any amount and then they use this amount at a later date.
UPI 2.0 gives users a chance to regularly verify their merchants by notification and scanning a quick response code that was not possible in UPI.
In the UPI 2.0 platform, the UPI limit per day is Rs. 2 lakh, and its transaction frequency is 10. This was previously Rs. 1 lakh and the UPI transaction frequency was 20.
What are the unique features of UPI 2.0 over UPI?
Here are some of the key features of UPI 2.0:
Linking of Overdraft Account
In the UPI 1.0 version, there was a facility to add only current and saving accounts. So users could take benefits that were present in them. It means that they did not transact money if their account did not have money.
In the UPI 2.0 version, however, there is a feature that allows the inclusion of current, saving, and overdraft accounts as well. With the addition of overdraft, users can now transact money even if they have a zero balance in their account.
One-time Mandate
Using the UPI 2.0 platform, users can pre-authorize a future date for payment to merchants and the amount gets deducted automatically on that date from their bank accounts. For example, when users set the date of March 5th as their EMI pre-authorized date of February, the EMI will be paid automatically on March 5th.
Invoice in the Inbox
In the peer-to-merchant network, merchants send a bill or invoice copy of products or services to their customers through mail or message, with the advance payment made by customers.
Thus, they check all the invoice credentials, either right or wrong. Then they will send payment to them if the invoice information is correct.
Signed Intent and QR
This feature of UPI 2.0 is the most essential in terms of security. Users receive a QR code from a merchant’s site for verification purposes. While scanning a QR code, they receive a notification with all the information related to the merchant. If they find all the information is correct, they will proceed, otherwise not.
Autopay
By using UPI 2.0, users can now pay their subscription or recurring fees for various platforms without entering their virtual UPI identities and registering a mobile number regularly. They enable e-mandate for recurring payment for such services as telephone bills, Netflix, OTT, Wi-Fi charges, electricity bills, and EMI charges.
Why Should You Use UPI 2.0?
UPI 2.0 has a number of advantages over UPI 1.0:
Digital Payment Safer
Consumer-Friendly
Make Merchant Payment Safer and Smoother
Increase Peer to Merchant Adoption.
Important Points About New UPI Transaction Limit
The NPCI circular, on October 22, 2018, revised the frequency of the UPI limit per day for transactions from 20 to 10. The frequency was revised to check peer-to-peer transactions done only to earn rewards.
NPCI revised the UPI limit per day for the transaction of money from Rs 1 lakh to Rs 2 lakh.
Note: The aforementioned limit is not applicable if users pay money to merchants. It implies that the peer-to-merchant gateway is not part of this limitation.
The transaction limit for initial public offerings and retail direct schemes is Rs 5 lakhs, according to the NPCI Report dated December 9, 2021.
On September 24, 2021, the NPCI released a circular for the standardization of the UPI transaction limit.
UPI Transaction Category UPI Transaction Type UPI Transaction Limit
P2P or P2M QR Share and Pay INR 2000
P2M non-verified QR Share and Pay INR 2000
P2P/P2PM Pay 1 Lakhs
P2M All 1 Lakhs
P2P – Peer to Peer, P2M – Peer to Merchant and P2PM – small merchants and unorganized retail
Click here to know more about the latest UPI limit per day.
https://www.spox.com/myspox//blogdetail/watch-encanto-2021-full-movie,229952.html
https://www.spox.com/myspox//blogdetail/watch-house-of-gucci-2021-full-movie,229953.html
https://www.spox.com/myspox//blogdetail/watch-red-notice-2021-full-movie,229954.html
https://www.spox.com/myspox//blogdetail/watch-red-notice-2021-full-movie,229955.html
https://www.spox.com/myspox//blogdetail/watch-the-king:27:s-man-2021-full-movie,229956.html
https://www.spox.com/myspox//blogdetail/spider:2D:man-no-way-home-2021-movie,229957.html
https://www.spox.com/myspox//blogdetail/the-matrix-resurrections-2021-movie,229958.html
https://www.spox.com/myspox//blogdetail/watch-no-time-to-die-2021-full-movie,229959.html
https://www.spox.com/myspox//blogdetail/venom:3A:-let-there-be-carnage-movie,229960.html
https://www.spox.com/myspox//blogdetail/watch-after-we-fell-2021-full-movie,229961.html
https://www.spox.com/myspox//blogdetail/watch-shang:2D:chi-2021-full-movie,229962.html
https://www.spox.com/myspox//blogdetail/watch-candyman-2021-full-movie,229963.html
https://www.spox.com/myspox//blogdetail/watch-free-guy-2021-full-movie,229964.html
https://www.spox.com/myspox//blogdetail/watch-the-suicide-squad-2021-movie,229965.html
https://www.spox.com/myspox//blogdetail/watch-jungle-cruise-2021-full-movie,229966.html
https://www.spox.com/myspox//blogdetail/watch-space-jam-2021-full-movie,229967.html
https://www.spox.com/myspox//blogdetail/the-forever-purge-2021-full-movie,229968.html
https://www.spox.com/myspox//blogdetail/watch-the-tomorrow-war-2021-full-movie,229969.html
https://www.spox.com/myspox//blogdetail/the-boss-baby-family-business-movie,229970.html
https://www.spox.com/myspox//blogdetail/watch-f9-2021-full-movie,229971.html
https://www.spox.com/myspox//blogdetail/watch-luca-2021-full-movie,229972.html
https://www.spox.com/myspox//blogdetail/watch-infinite-2021-full-movie,229973.html
https://paste.centos.org/view/2e6618d6
https://rextester.com/YZPMZ50798
https://pastebin.fun/grkvaaoqk2
https://pastelink.net/kl5l6p2z
https://www.heypasteit.com/clip/0IY9P4
https://codebeautify.org/htmlviewer/y22c2ea38
https://paste.vpsfree.cz/2OcwmhQR/
https://txt.fyi/-/2255/7e03e1c5/
https://paste.firnsy.com/paste/UCgUSkZnIdN
https://paste.gnome.org/pubtlsp6q
https://paste.artemix.org/-/M5wEDS
https://telegra.ph/dsgsd-dzgsdv-sdgf-02-25
https://www.pastery.net/uqsbnx/
https://paste.feed-the-beast.com/view/c1e02711
https://paste.tbee-clan.de/BLMwD
http://paste.akingi.com/I8h9ZTpM
https://paiza.io/projects/x7fYSPr7qRmPcW1KPk3jqQ
https://stationfm.ning.com/profiles/blogs/fdzhdf-dfhfd-dxfhfd
http://taylorhicks.ning.com/photo/albums/fgdf-dfhdfbxghd-fdhbdf
https://www.onfeetnation.com/profiles/blogs/fdhgfd-bdxfhb-zdfh
https://network-marketing.ning.com/forum/topics/fdyhsdf-bfghdfdf-fghdf
http://mcspartners.ning.com/photo/albums/sdgts-dzgsd
https://caribbeanfever.com/photo/albums/dsgds-dfzsdgsd-dfgdsg
https://webhitlist.com/profiles/blogs/sdgs-vhf-dfg
http://beterhbo.ning.com/profiles/blogs/sdgsedf-dfh-dxfh
https://godselectpeople.ning.com/forum/topics/sdgda-dzfgs-dxgds
http://allabouturanch.com/forum/topics/dsgdsf-dfhbfdg
http://playit4ward-sanantonio.ning.com/photo/albums/sdgdg-vdfgsdv-dsg
http://playit4ward-sanantonio.ning.com/profiles/blogs/sdga-vdgfvsd
https://www.furaffinity.net/journal/10143515/
https://myclc.clcillinois.edu/web/jeff_test/tutoring/-/message_boards/message/32968253
http://fanfiction.borda.ru/?1-0-0-00027829-000-0-0-1645828793
http://debc.su/forum/messages/forum1/topic10980/message253500/?result=new#message253500
https://www.groovelineentertainment.com/blog/951783/sdfgsrfh-chsdfh-fchdf/
https://star.shivtr.com/forum_threads/3674212
https://www.rw-forum.com/topic/109363-sdgsdfb-fh-fhdfg-dgsdg/
https://authors.curseforge.com/forums/general/general-discussion/256373-dsgrdb-dfhfd-bdfhfd-dfhg
https://promunas.freeforums.net/thread/16/sdgsd-dfh-dfgds
http://chetaka.com/group/11745
https://comicvine.gamespot.com/profile/stevesmith/blog/sdagfsdb-dfgsd-dfzgsd/164851/
Conclusion
To sum it up, we can say that UPI 2.0 has made a radical change in the financial industry by offering secure and automatic recurring payment forums to users. This is why it is mandatory for us to know about UPI 2.0 in detail. The article educates us about all the information about UPI 2.0 and the revised UPI limit per day for transactions so that we can take full advantage of UPI 2.0.