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5 New UPI Transaction Rule From 1st January 2024: What Are They? Know Here

New UPI Transaction Rule
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Web Admin

Web Admin

5 Dariya News

03 Jan 2024

New UPI Transaction Rule- UPI Transaction set new heights  in India after its launching. It gained huge popularity across the globe as well, this revolutionary payment helps millions of people to transfer money frequently to others. Ahead of this, there is a lot of news is circulated about the scams and issues from time to time. Which is also fixed by the NPCI by updating the terms and conditions. 

NPCI owns and operates the Unified Payments Interface (UPI). In December 2023, RBI announced new transaction rules which are going to be active from 1st January 2024. In this article we are going to share a new UPI Rule which is going to update from January 2024. 

So let’s dive into the topic.

Read More - Pre-sanctioned credit lines at banks through UPI: RBI

What are the New UPI Transaction Rules?

To enhance, gaining more usage of UPI payments, the Reserve Bank of India announced multiple changes or updates related to the transaction, which are going to effect from 1st January 2024. These changes are mainly related to the transaction. Below is the list of the rules which are going to update from 1st January 2024 - 

   1. UPI Transaction Limit Hiked For the Hospitals and Schools

After the monthly Monetary Policy committee announcement, the Governor of the RBI updated that transaction limits for the hospital and schools are not increased from 1 Lakh to 5 Lakhs. The main reason for the hike is related to the adoption of UPI for online transactions.

   2. Inactive UPI Will Be Deactivated

The update is related to the deactivation of the inactive UPI’s. The National Payment Corporation of India has asked the mobile payment gateway providers like, PayTM, Google Pay and PhonePe to deactivate the UPI ID of those who have not done any UPI Transaction from the 12 months. This can help to reduce the chances of the scam with the inactive UPI’s. 

   3. UPI Lite Transaction Limit Increased

 The transaction limit for the UPI lite also has been increased INR 200.00 to INR 500.00. The UPI Lite Transaction feature is not so popular yet between the users, but it can be a great feature as it works also without internet connection. So it can be helpful in an emergency if you do not have an internet connection and you can easily transact money to others in the given limit.

   4. No Authentication For Auto Debit Payments

The Reserve Bank of India also announced that UPI Transaction to INR 1,00,000 for repayment of credit card, mutual funds subscription and for premium of the Insurance  will no longer need any authentication required. Before the update, the auto debit amount is eligible only INR 15,000 without any additional authentication from the user.

   5. Interchange fee on UPI Merchant Payments

The interchange fee is also not applicable if the money transferred is higher than Rupees 2,000/-. Before that 1.1 per cent interchange fee was applicable made by the merchants. 

Read More -  UPI will now work in UAE

Growth of UPI Payments in India

   - Convenience and simplicity: UPI provides instantaneous, real-time money transfers via an easy-to-use phone interface, doing away with the need for bank account numbers or card information.

   - Interoperability: UPI provides a smooth user experience by enabling transactions between various banks and payment apps via a single, unified platform.

   - Security: Compared to cash or conventional card payments, UPI transactions are far safer since they are protected by PIN protection and two-factor authentication.

   - Accessibility: Thanks to offline capabilities like USSD, UPI overcomes geographic restrictions and is usable even in remote locations with spotty internet access.

   - Government push: The broad use of UPI has been made possible by the Indian government's programs like Digital India and Jan Dhan Yojana, which have increased smartphone penetration and financial inclusion.

UPI Effect on the Economy of India

    - Cash displacement: As UPI has grown, there has been a notable decrease in the use of cash, which has reduced the shadow economy and increased transparency.

    - Financial inclusion: UPI has empowered underprivileged groups and promoted economic prosperity by integrating unbanked populations into the financial system.

    - Rise of small businesses: The emergence of small enterprises has been aided by the ease and speed with which payments can be made. This has allowed for expansion and the creation of jobs.

    - Innovation boost: The fintech industry's creativity has been stimulated by the success of UPI, drawing investments and creating new opportunities.

With potential for more growth in international transactions, integration with cutting-edge technology like blockchain, and broader use cases beyond basic money transfers, UPI's future is bright. To maintain this transformation, however, issues like cybersecurity risks, gaps in digital literacy, and guaranteeing fair access in both rural and urban regions must be addressed.

In summary, the UPI payment revolution has brought forth unparalleled simplicity, security, and inclusiveness, therefore radically altering India's financial environment. This dynamic platform will surely have a greater influence as it develops, influencing payments not just in India but maybe everywhere in the world in the future.

For more updates & news keep following 5 Dariya News.

 

Tags: Technology , UPI , UPI New Rules , 5 New UPI Transaction Rules , UPI Transaction Rules , UPI Transaction New Rules , UPI Transaction Rules 2024 , New UPI Transaction Rules , NEw UPI Transaction Rules 2024

 

 

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