Bank of Baroda, one of the prominent public sector banks in the country, has launched an enhanced version of Unified Payments Interface of (UPI) 2.0 in BHIM Baroda Pay. Besides the easier authentication process, the new version of UPI offers a variety of other services.
As per Bank of Baroda, the new updated version offers feature like One-Time Mandate, which helps during IPO applying. It further added that it will go a long way in catering to the ever-growing customer needs.
Here are the key features of the BHIM Baroda UPI 2.
It gives you the facility to pre-authorize a transaction and pay on a later date with the UPI mandate feature. This will benefit both customers as well as merchants, as mandates are instantly generated and payments get deducted automatically on the authorized date.
Linking Of Overdraft Account
Besides current and savings accounts, 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.
Invoice In The Inbox
As the name suggests, this feature lets customers check the invoice sent by merchants prior to making payments. So customers can view and verify the necessary details if 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.
Signed Intent & QR
This option will provide additional security to customers while making payments in the form of signed QR/intent. With the onset of signed QR/intent, issues related to tampering of QR codes as well as having non-verified suspicious entities will be drastically reduced.
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