Banks set to get data rich with UPI 2.0; likely to boost credit scoring

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

With the launch of the upgraded Unified Payments Interface (UPI), financial institutions such as banks and lenders are set to get access to a lot more consumer data, which is likely to boost consumer profiling and credit scoring in the future. Experts said the new upgrade allows for features such as an overdraft credit line through the app, which will be useful in flow-based lending. 

The UPI 2.0 was launched on Thursday in Mumbai by RBI Governor Urjit Patel. The updated payments system comes with new features such as the ability for people to link their overdraft accounts to the