Few rules have changed regarding UPI, check the new change before making online payment

It becomes important to check for the most recent Unified Payment Interface (UPI) modifications if you also make digital payments.

New UPI regulations have been implemented to encourage digital payments. In addition, several regulations are currently in the pilot programme; these regulations will significantly alter the mode of payment.

The transaction limit for payments related to hospitals and education has now been increased to Rs 5 lakh. Earlier this limit for payment with UPI was Rs 1 lakh.

With the increasing use of UPI, transactions related to certain sectors will now become easier than before.

National Payments Corporation of India (NPCI) has introduced UPI for the secondary market. It is currently in beta phase.

This means that only a few pilot customers are getting the facility of blocking funds after post-trade confirmation. With this new facility, payments can be settled on a T1 basis through the Clearing Corporation.

The UPI ATM that uses QR codes is presently in pilot testing. This facility will make cash withdrawals simpler. To withdraw cash, customers won't need to carry an actual debit card.

With new regulations, the Reserve Bank of India (RBI) has also strengthened UPI security. For payments up to Rs. 2000, customers making their first UPI payment are granted a 4-hour cooling-off period. The user can simply make any necessary adjustments to the transaction during this period.

Both consumers and businesses will have access to loan facilities through the pre-approved credit line on UPI. This will boost the nation's economic growth.