Many changes are going to happen regarding the Unified Payment Interface (UPI) in the new year. One big change is that the UPI accounts of all those people who are not active are being closed. Apart from this, there are going to be many other changes regarding UPI that will affect the common people. Let us know about these changes...
Transaction limit
A major change regarding UPI has happened in the transaction limit. Now you can transact up to Rs 5 lakh through UPI in a day. Earlier this limit was up to Rs 1 lakh.
Unused UPI IDs will be closed
Last year, NPCI had said in a statement that all those UPI IDs which are not active for about 1 year will be closed. This will affect the users of Google Pay, Paytm, and PhonePe. It has started from 31st December.
No authentication is required for payments up to Rs 1 lakh
RBI has said that Additional Factor Authentication (AFA) will no longer be required for payments up to Rs 1 lakh. Earlier this was required for payments of more than Rs 15,000.
Expanded scope of UPI Lite wallet
Now up to Rs 2,000 can be transferred from UPI Lite wallet. No PIN will be required for this. Whereas Rs 500 can be transferred through UPI Lite in offline mode. Earlier this limit was Rs 200.
Fraud
4-hour limit for new users
RBI has made a new rule to prevent online UPI fraud. Now new users of UPI i.e. those who have created a new account will be able to make the first payment only up to Rs 2,000.
UPI ATM and 'Tap and Pay'
In the new year, you will get the facility of a UPI ATM, that is, you will be able to withdraw money from any UPI ATM with the help of your UPI app. For this, you will not need a debit card. Hitachi Payment Service has launched UPI-ATM. You will be able to withdraw money by scanning the QR code at UPI ATM. Apart from this, the 'Tap and Pay' feature is also coming in UPI. This feature will work in those phones that support NFC. You will be able to make payment by tapping your phone.
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