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BHIM UPI 2.0: Four Awesome Features For Your Business

BHIM UPI 2.0 launched with 4 Merchant-Friendly Features
(Last Updated On: November 18, 2020)

Attention businesses! BHIM UPI 2.0 is now out and there could be some awesome features for you in the reloaded version. Here’s how UPI 2.0 will work for sellers like you, across the country.

The NPCI (National Payments Corporation of India) launched UPI 2.0 on August 16, 2018. Up until now, UPI was largely a person-to-person payment mode and lacked features that could support businesses. With its new version, NPCI hopes to make the feature more business-friendly.

Features of UPI 2.0:

Linking of overdraft account with your BHIM UPI 2.0:

Initially, customers could only link their savings and current accounts to UPI. With UPI 2.0 customers can also link their overdraft accounts.

When an individual is in need of working capital, there are two ways the bank offers a loan. A personal loan or an overdraft facility. If you choose the overdraft facility you can borrow money from your bank’s current account. There is an upper limit to the money you can withdraw.

The overdraft facility comes in handy in cases of emergencies or shortage of money. Now, sellers and individuals will not only be able to get cash instantly, but also reap the associated benefits of having an overdraft account.

Here’s a video from the NPCI explaining how linking your overdraft account to your BHIM UPI 2.0 can help you:

One-Time mandate:

This feature can allow your customer to block a certain amount of money for a product or service. Customers can pre-authorise a transaction and pay later. These mandates can be created and executed within seconds and could work seamlessly for both merchants and individual users.

Here’s a video from the NPCI explaining how the one-time mandate can work.

Invoice Verification:

The invoicing feature could be very useful for businesses. The customers get an invoice from the merchant before finalizing the payment. It allows the customer to check merchant details and credentials and the amount to be paid. The customer can make the payment once the merchant and the amount to be paid are verified.

Here’s a video from the NPCI explaining how the invoicing feature can help you.

Signed intent and QR:

This feature allows customers to verify the authenticity of the merchants by scanning the QR code. The QR Code will be provided to the customers at the time of checkout via the BHIM UPI 2.0 app.

This feature comes as an added layer of security where customers can check if the merchants are UPI verified.

The NPCI has been recording a steady growth in UPI transactions every month. The Value of transactions rose to 246 million in June 2018, as compared to 189 million in May 2018.

At Instamojo too, we saw a 20% growth in UPI transactions in June as compared to May.

Of the 8 features speculated for UPI 2.0, four have been introduced in the revised edition. With a wide range of services to offer, it’s safe to say UPI 2.0 will make transactions inexpensive with a secure medium for digital transactions.

With Instamojo, you can not just collect payments with UPI but also several other modes. What’s more? With Instamojo UPI, you as a business don’t even need a virtual payment address.

Track all your UPI transactions and payments on a simple dashboard with Instamojo.

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1 comment

  1. I use bhim app a lot in a week. But the features listed here are increasing the effectiveness of bhim app a lot. Thanks a lot for sharing such good information. it really helps me and like me to get more features of any app. Thanks

    Reply
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