UPI Update: New rules for PhonePe & Google Pay users

Unified Payments Interface (UPI) has played an important role in driving the digital payments revolution in India. The New Year brings enhanced convenience, financial inclusion and safety transactions for Indian consumers, powered by UPI. UPI Update: New rules for PhonePe & Google Pay users.

“In 2024, UPI will continue to grow at around 60% in terms of volume over 2023 UPI transactions, P2M will continue to trend higher than P2P transactions; P2M will be around 60% of the total UPI volume,” said Mehul Mistry.

Yes, Unified Payments Interface or UPI is one of the most popular payment methods these days. The fast real-time payment system developed by National Payments Corporation of India (NPCI) gives permission to users to use multiple bank accounts in one mobile application.

Officially launched in 2016 for public use, UPI has undergone many changes over the years. Yes, to make the platform more secure, the Reserve Bank of India (RBI) has introduced some new rules effective from January 1, 2024.

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1) The payment limit has been increased at these places:

The payment limit through UPI has been increased for hospitals and educational institutes. It is learned that the transaction limit for hospitals and education related payments has been increased to Rs 5 lakh.

2) Pre-approved credit line on UPI:

UPI users have now started availing the benefit of pre-approved credit line. That means payment can be made even if there is no money in the bank account. A pre-approved line of credit provides access to credit line persons and business loans, thereby promoting financial inclusion in the country.

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3) UPI for secondary market:

Additionally, National Payments Corporation of India (NPCI) has introduced ‘UPI for the secondary market’, which is currently in its beta stage, limited to blocking funds after trade confirmation and sending them to a clearing corporation.

4) UPI ATMs with QR code:

UPI ATMs using QR codes currently in pilot phase. After its arrival, there will be a facility to withdraw cash without having to carry a physical debit card.

5) Four hour cooling period:

The Reserve Bank of India (RBI) has proposed a four-hour cooling duration for newcomers making their first payment of more than Rs 2,000, which allows them to return or modify the transaction within a time limit. And immediately share this report with such good information to all your friends and relatives.