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- Unified Payments Interface (
UPI ) has emerged as one of the most popular modes of payments in India. - Some new changes have been announced to UPI from January 1, 2024.
- Here are the new rules and features of UPI that you need to be aware about.
The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind.
To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024.
In this post, we look at the five new changes in UPI that you need to be aware about –
Inactive UPI IDs
As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated.
So, if you have a UPI ID that hasn’t been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID.
Fraud prevention
In a bid to reduce the increasing financial frauds, the central bank has proposed a 4-hour window for users making a first payment of INR 2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before.
Increased transaction limit
To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment.
UPI ATMs
In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country.
UPI for secondary market
NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations.
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