UPI Transactions: New Regulations And Changes That Come Into Effect From Today

 

To enhance the scope of UPI payments, the Reserve Bank of India (RBI) announcedsome measures and changes that will be applicable from January 1, 2024.

There will also be a 1.1 per cent interchange fee on certain merchant UPI transactions above Rs 2,000

The Unified Payments Interface (UPI), used for immediate money transfers through mobile devices, has become the fastest-growing payment mode in the country. Since its launch, the volume of digital transactions in India has increased exponentially. To enhance the scope of UPI payments, the Reserve Bank of India (RBI) announced some measures and changes that will be applicable from January 1, 2024.

Notably, The National Payments Corporation of India (NPCI) has asked payment apps such as Google Pay, Paytm, PhonePe, etc., and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. The daily payment limit for UPI transactions shall now be Rs. 1 lakh maximum, as per NPCI. However, RBI raised the transaction limit for UPI payments to hospitals and educational institutions to Rs 5 lakh on December 8, 2023, to broaden the use of UPI payments.

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