Users of UPI beware! These five new UPI transaction regulations are essential to be aware of

Users of UPI beware! These five new UPI transaction regulations are essential to be aware of

Users of UPI beware! These five new UPI transaction regulations are essential to be aware of

Payment applications are required by the NPCI to remove dormant UPI IDs after a year. It will be necessary for users of services like Google Pay and PhonePe to confirm that their UPI is still functioning.

Users of UPI beware! In the nation, crores of individuals are using UPI to complete transactions. This is because using UPI to make payments is quite simple. Recent times have seen a number of significant adjustments due to UPI's growing popularity. If you utilize UPI in such a scenario, you need to be aware of the updated guidelines. Come share with us the five most recent updates to the Unified Payment Interface (UPI).

1) Higher payment limits at some locations

The UPI payment limit for healthcare facilities and educational institutions has been raised. We would like to inform you that the transaction limit for payments connected to hospitals and education has been raised to ₹ 5 lakh.

Pre-approved UPI credit line

Pre-approved credit lines are now a perk available to UPI customers. This implies that even in the event that the bank account is empty, they will still be able to make payments. By making credit available to both people and enterprises, the pre-approved credit line will advance financial inclusion in the nation.

3) Secondary market UPI

Furthermore, 'UPI for the Secondary Market', a pilot program launched by the National Payments Corporation of India (NPCI) permits a restricted subset of users to block funds upon transaction confirmation and forward them to the Clearing Corporation. Payments may be settled on a T1 basis using this medium.

4) QR Code-equipped UPI ATMs

UPI ATMs that are now in the trial program that use QR codes There will be the option to withdraw cash without a physical debit card upon its debut.

5) A four-hour cooling down time

For newcomers making their native tongue payment of more than ₹2,000, the Reserve Bank of India (RBI) has suggested a four-hour cooling-off period. During this time, the remitter may reverse or amend the transaction.