What is the new rules for Google Pay, Paytm users for money transaction...Effective from Jan. 10
Five new UPI rules and regulations are in force as of January 10, 2024. The following are the new UPI regulations that all users of the Google Pay, Paytm, and Phonepay apps need to be aware of:
With the intention of delivering notable improvements in user experience, the Reserve Bank of India (RBI) has announced new UPI rules and regulations that are applicable to online banking and payment operations.
1.Deactivation of UPI IDs: Payment apps such as PhonePe and Google Pay must authenticate and keep UPI IDs alive. If not, dormant UPI IDs will be deactivated by the National Payments Corporation of India, or NPCI, after a year.
2.From Rs. 1 lakh to Rs. 5 lakh: Hospitals and educational institutions now have a higher UPI transaction limit of Rs. 1 lakh to Rs. 5 lakh. Without a doubt, the new regulation that was revealed during the meeting of the Monetary Policy Committee would greatly simplify the process of making significant online tithing payments!
3. 4 hours to transmit Rs. 2000: For first-time payments exceeding Rs. 2,000 to a new recipient, the RBI suggests a 4-hour window (i.e., a time frame set out for a certain activity). The ability to reverse or modify a transaction will be significantly enhanced by this control.
4. 1.1% Fee: If some Merchant UPI transactions exceed Rs. 2,000 and use prepaid payment instruments (PPI), such as online wallets, there will be an interchange fee of 1.1%.
5. The name of the bank account will be shown: Starting on January 10, 2024, the full name of the recipient's bank account will appear on the screen when you pay them using UPI Apps.
It's also important to mention that Hitachi Payment Services and NBCI have teamed up to introduce the first UPI ATM in India. You can use this option to withdraw money by just scanning a QR code. Such UPI ATMs are intended to be installed across the nation.
At last, the beta stage of NBCI's UPI for Secondary Market is about to commence. It enables restricted pilot clients to settle payments on a T1 Basis through Clearing Corporations and block funds after trade confirmation.
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