UPI 3.0 refers to the upgraded version of the Unified Payments Interface (UPI), aimed at enhancing user experience, increasing security, and expanding the functionality of digital payments in India .
Detailed overview of the features and improvements associated with UPI 3.0:
- BHIM UPI 3.0:
- BHIM (Bharat Interface for Money) UPI 3.0 is a significant update to the BHIM UPI app, one of the key applications using the UPI infrastructure .
- It includes features designed to make digital payments more accessible and user-friendly, even in areas with slow internet speeds .
- The update is being rolled out in phases and is expected to be fully available by April 2025 .
- Key Features and Updates:
- Split Expense Feature: Simplifies bill-sharing among friends and family, making it easier to divide costs for dining, rent, and other shared expenses .
- Family Mode: Allows families to track and manage shared expenses, providing a breakdown of collective spending .
- Spend Analytics Dashboard: Offers detailed insights into monthly spending habits, categorized for better financial management .
- Built-in Assistant: Provides guidance for new users and quick access to payment features .
- BHIM Vega: A feature to streamline merchant transactions, allowing businesses to accept in-app payments directly .
- New UPI Features in 2025:
- UPI Services via WhatsApp Pay: Expanded access to UPI payments for all Indian WhatsApp users .
- International Transactions: Increased acceptance of UPI payments in more countries, benefiting Indian travelers .
- UPI One World Wallet: Specifically designed for international tourists visiting India, allowing them to make payments using QR codes .
- Delegated Payments via UPI Circle: Allows primary users to delegate transaction rights to family members .
- UPI Lite Enhancements:
- RBI has increased the maximum transaction limit to ₹1,000 and raised the wallet balance limit .
- Security Measures:
- New security guidelines effective from April 1, 2025, mandate banks and Payment Service Providers (PSPs) to use the Mobile Number Revocation List to enhance security .
- Offline UPI Payments:
- Aims to enable UPI transactions even without an active internet connection .
- AI-Powered Fraud Detection:
- Implementation of AI to enhance fraud detection and security .
In summary, UPI 3.0 encompasses a range of enhancements and new features designed to broaden the reach, improve the user experience, and bolster the security of the UPI ecosystem in India .
