NB In List | 5 UPI Payments rules changing in January 2024 you need to know-
Here are the UPI Payments rules coming into effect in January and those that are proposed-
Unified Payments Interface (UPI) has become one of the most popular payment modes in India. Developed by the National Payments Corporation of India (NPCI) in 2016, it has transformed the way Indians pay and receive money. In the past few months NPCI has announced several changes in UPI payments.
3. Cash Withdrawal Via QR Code: NPCI and Hitachi Payment Services have joined hands to launch India's first UPI-ATM. This enables cash withdrawal by simply scanning the QR code. RBI is planning to nationwide introduction of UPI ATMs.
4. UPI Lite wallets: The NPCI has increased the transaction limit for UPI Lite wallets from Rs 200 to Rs 2,000. This caters to daily microtransactions and offers users with limited internet access a more convenient option.
UPI ATM and Tap & Pay in which one can withdraw cash via QR code scanning at ATMs or pay simply by tapping your phone. UPI for Secondary Market which allows blocking funds post-trade confirmation and settling payments via Clearing Corporations.
Here are some of the changes coming into effect in January and those that are proposed-
1. Inactive UPI IDs: NPCI has directed banks and online payment apps like Google Pay, Paytm and PhonePe to deactivate all UPI IDs that have been lying dormant for over a year.
2. Transaction limit extended: The Central bank has substantially raised the transaction limit for UPI payments. In December, RBI Governor Shaktikanta Das announced another limit increase. The limit has now been increased from Rs 1 lakh to Rs 5 lakh. This limit will be applicable for payments to hospitals and educational institutions. The decision has been taken to encourage people to adopt UPI for such transactions.
3. Cash Withdrawal Via QR Code: NPCI and Hitachi Payment Services have joined hands to launch India's first UPI-ATM. This enables cash withdrawal by simply scanning the QR code. RBI is planning to nationwide introduction of UPI ATMs.
5. Four-hour window: To make UPI transactions safe, RBI has proposed a four-hour time limit for users initiating first payments over Rs 2,000 to new recipients. This has added layer of control and security as it also allows users to reverse or modify transactions within that window.
Others-
UPI ATM and Tap & Pay in which one can withdraw cash via QR code scanning at ATMs or pay simply by tapping your phone. UPI for Secondary Market which allows blocking funds post-trade confirmation and settling payments via Clearing Corporations.
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