UPI New Rules: 5 major changes that effected from January 2024

Unified Payments Interface (UPI) is now one of the most popular options for payments in the country. India has seen a significant increase in the number of digital transactions since its inception. UPI New Rules: 5 major changes that effected from January 2024.

The Reserve Bank of India (RBI) has agreed to additional rules and adjustments effective from January 1, 2024 to further improve UPI payments. From January 1, 2024, several important laws and regulations related to UPI transactions have been passed.

UPI ATM: RBI plans to roll out UPI ATMs across the country. These ATMs allow you to withdraw money directly from your bank account by scanning a QR code.

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Four-hour time limit: In an effort to reduce the increasing incidence of online payment fraud, there will be a four-hour time limit for first payment above Rs 2,000 made between customers who have never transacted before. UPI members will soon be able to use the “Tap and Pay” functionality.

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Interchange Fee: An interchange fee of 1.1 per cent will be levied on specified merchant UPI transactions above Rs 2,000 made using prepaid payment instruments (PPIs).

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Increased transaction limits: For UPI transactions, NPCI has set a new maximum daily payment limit of Rs 1 lakh. However, on December 8, the RBI increased the UPI transaction limit to Rs 5 lakh for healthcare and educational institutions. Earlier transaction limit was Rs.1 lakh,