NEW DELHI: The introduction of UPI (Unified Payment Interface) played a vital role in promoting digital payments across the country. Today, UPI facilitates easy money transactions to every corner of the country.
From the January 1, 2024 the Reserve Bank of India (RBI) has implemented several reforms in the UPI system, including:
- Accounts on UPI apps like BHIM, PhonePe, Paytm, and Google Pay will be deactivated if not used within the last year. All inactive UPI IDs will be disabled by December 31, 2023.
2. The daily UPI transaction limit has been increased to Rs 1 lakh, effective immediately.
3. Both sender and receiver account holder names will now appear on the screen, reducing the chance of incorrect transactions.
4. Payments made above Rs 2,000 through UPI wallets will incur a fee of 1.1%.
Regarding UPI transactions on various applications:
Paytm UPI allows a maximum transfer of Rs 1 lakh per day and up to Rs 20,000 per hour. A maximum of five transactions per hour and 20 transactions per day is permitted.
Google Pay permits transfers of up to Rs 1 lakh per day, but limits the number of transactions to 10 times in a single day across all UPI apps.
PhonePe, similar to others, caps UPI transactions at Rs 1 lakh per day, subject to the user’s bank regulations.
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