UPI Transactions: Rules of UPI have changed since today, know how it will affect your pocket

There has been a rise in the number of online payments through the Unified Payment Interface (UPI) in the country. UPI was launched in the year 2016. After the introduction of UPI, there has been a rise in the number of online payments.

The Reserve Bank of India (RBI) has made several announcements to expand UPI. Many changes have been made in UPI from today i.e. from January 1, 2024. RBI was informed about these changes last month in December.

National Payments Corporation of India (NPCI) asked to deactivate payment apps like Google Pay, Paytm, PhonePe etc and those accounts have not been in use for more than a year. This means that if you are not using UPI apps for a year or more, then your account may also become inactive.

According to NPC, now the daily payment limit through UPI has been increased. Now holders can make payments up to Rs 1 lakh in a day. Apart from this, on December 8, 2023, RBI increased the UPI payment limit for hospitals and educational institutions, now its payment limit is Rs 5 lakh.

Now, if a holder uses prepaid payment instruments (PPI) while making UPI payments, then he will have to pay an interchange fee of 1.1 per cent on payments above Rs 2,000. Apart from this, to prevent fraud from happening through UPI, now if any holder pays more than Rs 2,000 to a new user, then he will have a time limit of 4 hours. In such a situation, he can easily complain about it within 4 hours.

To expand UPI in the country, RBI has entered into a partnership with Japanese company Hitachi. According to this partnership, UPI ATM will soon be launched in India. The process of withdrawing cash from the bank through this ATM will become very easy. To withdraw cash one has to scan a QR.