5 UPI Payment Rules Revamped in 2024, More on the Horizon!
Hey folks, buckle up! "5 UPI Payment Rules Revamped in 2024, More on the Horizon!" The new year has brought about a wave of changes in the popular UPI payment system, and it's not just smooth sailing. While some updates aim to make things easier and faster, others might require slight adjustments in your daily money rituals. So, let's dive into the top 5 rules that have already transformed UPI in January 2024, and peek at some proposed changes that could be coming soon!
1. Higher Transaction Limits for Big Bills: Feeling the pinch of the 1 lakh limit for high-value payments like fees or hospital bills? Worry no more! The limit has been generously bumped up to 5 lakh rupees for payments to hospitals and educational institutions. This makes tackling those hefty expenses a breeze.
2. Inactive Accounts Get the Axe: Not a fan of ghost UIDs lurking in your digital wallet? Neither is NPCI! They're taking action by deactivating inactive UPIs that haven't seen any transactions in over a year. This frees up resources and keeps the system efficient.
3. UPI Lite Gets a Boost: Need a quick, low-value transfer without entering your PIN? UPI Lite now lets you send up to 2,000 rupees without authentication. And for offline mode, the limit has doubled to 500 rupees, perfect for those emergency cash situations.
4. No Sweat for Small Auto Payments: Recurring bill payments and subscriptions? Breathe easy! Auto-debit payments below 1 lakh rupees no longer require additional factor authentication (AFA). Just set it and forget it!
5. Merchant Fees Emerge: While good news for users, merchants might feel a slight sting. Interchange fees have been introduced for UPI payments beyond a certain threshold. This essentially means a small charge levied on merchants for receiving payments through UPI.
But wait, there's more! The Reserve Bank of India (RBI) has proposed some additional changes that could be implemented in the near future:
4-hour window for new, high-value transactions: To enhance security, the RBI proposes a 4-hour window for users making their first UPI payment above 2,000 rupees to a new recipient. This allows for modifications or reversals in case of errors.
Mandated positive confirmation for offline UPI: To prevent fraud, an additional confirmation step might be introduced for offline UPI transactions.
With these changes and potential updates, the UPI ecosystem is constantly evolving. Stay informed, stay vigilant, and keep swiping those QR codes with confidence! Remember, knowledge is power, and being aware of these modifications will ensure you navigate the exciting world of UPI payments smoothly.
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