New Rule for UPI Transactions: Be aware of the updated guidelines as they have changed

 New Rule for UPI Transactions: Be aware of the updated guidelines as they have changed

New Rule for UPI Transactions: Be aware of the updated guidelines as they have changed

Online Payment: The quantity of UPI in the nation has increased. A modification has been made to one of the UPI's regulations as of the start of 2024. Many UPI holders will be impacted by this regulation. Tell us which UPI-related regulations have changed in this article.

The nation has seen an increase in the quantity of online payments made using Unified Payment Interface (UPI). The UPI was introduced in 2016. The quantity of online payments has increased since UPI was introduced.

In an effort to increase UPI, the Reserve Bank of India (RBI) has issued many announcements. UPI had a number of modifications starting on January 1, 2024. These modifications were communicated by RBI in December of previous year.

The UPI account will be shut off.

The deactivation of payment applications such as Google Pay, Paytm, PhonePe, and others, as well as accounts that have not been used for more than a year, has been requested by the National Payments Corporation of India (NPCI). This implies that your account can also become inactive if you are not utilizing UPI applications for a year or more.

You have this amount to pay in a day.

The NPC claims that the daily UPI payment limit has been raised. Up to Rs 1 lakh may now be paid in a single day by holders. In addition, the RBI raised the UPI payment ceiling for healthcare facilities and educational institutions to Rs 5 lakh on December 8, 2023.

Payment must be made on PPI.

A holder will now be required to pay an interchange charge of 1.1 percent on payments above Rs 2,000 if he makes a UPI payment using prepaid payment instruments (PPI). In addition, holders will now have a 4-hour window of time if they pay a new user more than Rs 2,000 in order to avoid fraud via UPI. He may easily grumble about it in four hours in such a setting.

UPI ATM will launch shortly.

RBI and the Japanese business Hitachi have partnered to increase UPI's reach across the nation. This agreement indicates that the rollout of UPI ATM in India is imminent. Using this ATM to withdraw cash from the bank will become a lot simpler. Cash withdrawal requires scanning a QR code.