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UPI updates in 2024: As we step into the new year, it’s important to be aware of some fresh updates to the Unified Payments Interface (UPI), India’s fastest-growing payment method. The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have collaboratively crafted these regulations, which aim to enhance your online banking and payment experiences. it’s crucial to acquaint yourself with five rule updates set to elevate your online banking and payment experiences.
Effective from January 1, 2024, here are five key UPI updates you should keep in mind.
1. Dynamic UPI IDs: The NPCI is taking a proactive step by directing payment apps to deactivate dormant UPI IDs after one year. Whether you’re a user of Google Pay or PhonePe, ensuring the activity of your UPI IDs and reviewing associated phone numbers for any signs of inactivity is now paramount.
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2.UPI for Secondary Market: Prepare for the Beta phase launch of ‘UPI for Secondary Market’ by the NPCI. This initiative involves key stakeholders and empowers limited pilot customers to block funds, debited upon trade confirmation during settlement, with payouts streamlined by Clearing Corporations on a T 1 basis.
3.Cash Withdrawals Through UPI ATMs: NPCI, in partnership with Hitachi Payment Services, is rolling out UPI ATMs across the country. Now, users can withdraw cash using UPI apps without needing a debit card. The first ATM has already been unveiled, with more set to follow across the nation.
4.Increased Transaction Limit: The transaction limit for large payments to hospitals and educational institutions has been raised from Rs. 1 lakh to Rs. 5 lakh. This adjustment makes it more convenient for those making substantial payments to complete their transactions.
5. Robust Fraud Prevention Measures: In a bid to fortify security, RBI proposes a 4-hour time limit for users initiating first-time payments exceeding Rs. 2,000 to new recipients. This window empowers users to reverse or modify transactions initiated with unfamiliar entities, introducing an additional layer of control and security.
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