Big news for UPI users: UPI New Rules! There will be six significant changes to UPI payments; please review all of the changes right away

 Big news for UPI users: UPI New Rules! There will be six significant changes to UPI payments; please review all of the changes right away

Big news for UPI users: UPI New Rules! There will be six significant changes to UPI payments; please review all of the changes right away

In the new year, there will be a lot of developments pertaining to Unified Payment Interface (UPI). The closing of all inactive users' UPI accounts is one significant shift. In addition, there will be several other UPI changes that will have an impact on regular people. Inform us about these modifications.

Limit on Transactions:

The transaction limit for UPI has undergone a significant modification. With UPI, you may now transact up to Rs 5 lakh in a single day. This limit used to be up to Rs 1 lakh.

Closed UPI IDs that are not in use

All UPI IDs that have been inactive for more than a year will be closed, according to a statement released by the NPCI last year. Users using PhonePe, Paytm, and Google Pay would be impacted by this. It started on December 31st.

Authentication is not required for payments under Rs 1 lakh.

According to the RBI, payments up to Rs 1 lakh would no longer need Additional Factor Authentication (AFA). This was previously necessary for payments over Rs 15,000 in total.

UPI Lite wallet's broader functionality

You may now send money from your UPI Lite wallet up to Rs 2,000. This will not need a PIN. In contrast, an offline transfer of Rs 500 may be made using UPI Lite. This limit used to be Rs 200.

New users are limited to four hours.

A new regulation from the RBI aims to stop online UPI fraud. The initial payment that new UPI users, or those who have opened an account, may now make is limited to Rs 2,000.

"Tap and Pay" and UPI ATMs

You will have access to UPI ATMs in the new year, meaning you may use your UPI app to withdraw money from any UPI ATM. You won't need a debit card for this. UPI-ATM has been introduced by Hitachi Payment Service. At the UPI ATM, you may make a cash withdrawal simply scanning the QR code. In addition, the "Tap and Pay" capability will be available via UPI. Phones that support NFC will be able to use this function. With a simple touch of your phone, you can pay.