UPI released some new guidelines, which are essential to those who perform online transactions using UPI. How much of the transaction amount has been increased, and where can you send additional money using UPI? All the information is provided here.
What is UPI ID?
Upi’s full name is Unified Payments Interface. Upi is a form of online money transfer. All online transactions in India are done through this UIP. A UPI ID is required to transfer money online.
If you want to do an online transaction through UPI, first enter UPI ID in any online payment app, enter how much you want to send, then enter UPI PIN and the money will be sent to that person.
UPI new rule
The Reserve Bank of India has set some new rules for UPI, and some changes have been made to the old rules, which are very important for those who do online transactions.
Upi transaction limit
The most notable change in the new rule is that the transaction limit has been raised. Previously, you couldn’t transfer more than Rs 1 lakh via UPI. You are still limited to transferring up to one lakh rupees. However, the new regulations allow you to pay up to 5 lakh rupees to educational institutions and hospitals.
Deactivation of inactive UPI IDs (Disabling inactive UPI IDs)
NPCI has decided to deactivate all UPI IDs that have not been used in the last year. Since the UPI ID is inactive, it has been determined that it has been used fraudulently.
UPI Lite wallet transaction limit increase
Upi lite transaction limit has been increased. In upi lite you can add from 200 rupees to 500 rupees. You can transfer this money without an internet connection.
New upi id
The first time you send someone more than Rs 2000 using a fresh UPI ID, the money will arrive to him in 4 hours. This decision has been taken because many people are not used to it and to prevent fraud.
Tap & pay
UPI is going to start a tap and pay system. Just like you could make a payment by tapping a machine debit or credit card, there was no need to swipe the card.
Just like that now you can tap and pay using upi technology.
UPI ATM
UPI-ATM facilitates participating bank customers having #UPI to withdraw cash without using their card. Visit Digital India Pavilion, Hall No. 5, Pragati Maidan. #DigitalIndiaAtIITF@NPCI_NPCI @upichalega @NPCI_BHIM @UPI_NPCI pic.twitter.com/zsOQKa11HE
— Ministry of Electronics & IT (@GoI_MeitY) November 17, 2023
RBI decided to install upi ATMs. Now you can withdraw money from ATMs without an ATM card, select the QR code option at ATMs, and scan through any UPI app to get cash.
Hitachi Payment Services has launched the first white label UPI ATM. Hitachi is a very popular Japanese company.
Interchange fee on upi
Up to 1.1% interchange fee on UPI transactions above Rs 2,000 made through PPI. PPI mens prepaid payment instruments like smart cards, vouchers, and wallets. If you use the online payment app wallet to transfer money, then 1.1% charge will be deducted. But remember that no money will be required to transfer money from bank to bank.
most popular upi transaction app
Most UPI transactions in India are through phonepe paytm g pay applications.
How to avoid upi fraud
- First of all, don’t give the phone to anyone.
- Do not share Upi id and any transaction pin to anyone.
- Do not click on unknown links.
- Avoid QR code scanning everywhere, write the upi id of the person to whom you want to send money on your phone and then send money to someone.
- Do not install unknown apps.
- Do not install any app without playstore.
- If someone calls and asks for any kind of otp, don’t give it.
Benefits of upi ID
Money is transferred online. No need to carry cash. It becomes easy to track the movement of black money.
FAQ:
Q: UPI full form?
Ans: Unified payment interface.
Q: What is upi ID ?
Ans: All online transactions in India are done through this UPI technology, and the identity required to make online payments is UPI ID.
Q: Upi transaction limit?
Ans: 5 lakh for hospital and school. 1 lakh for other places.
