Do you use UPI apps like Google Pay, PhonePe? Major changes from August 1


upi new rules in india


            In order to promote digital money transactions, some new rules are going to come into effect for UPI transactions from August 1.


Once upon a time, whether we wanted to give money to someone or withdraw money, we used to stand in banks for hours and make transactions. Later, we made transactions in a few minutes through ATMs and money transfer machines. Now, many UPI apps have come up that allow transactions to be made in seconds.


From Nammoor Petik Kadai to big jewelry stores, UPI scanners have come up everywhere. Whether we pick up the phone, scan it, or pay money, people make payments in minutes. Although there are many advantages in such UPI transactions, there are also some challenges. It is in this context that some new rules are going to come into effect from August 1 to promote digital money transactions. Let's see what they are and what kind of benefits this will bring to users.


According to the new rules issued by the National Payments Corporation of India (NPCI), users can check their bank balance only 50 times a day through the UPI app. Currently, there is no maximum limit set for checking bank balance.

 

Similarly, a user can check the balance in other bank accounts linked to his mobile number 50 times a day. This will help avoid server problems in UPI transactions. It will help control unnecessary traffic. This will reduce downtime during UPI use. Furthermore, the delay caused by multiple users using the application at the same time will also be reduced.


What's changed in Auto Pay?

UPI has introduced fixed time intervals for transactions made through Auto Pay from the UPI app. With this, bills, subscriptions, monthly installments, etc. to be paid through auto payments will be processed at specific times instead of being processed randomly throughout the day. This will also help increase the speed of UPI use. It will also help reduce unnecessary downtime. This will help increase the speed of transactions, especially during peak hours. This will help users pay their bills on time. Especially for business-related transactions, businesses must plan their cash collection at a specific time.


Linked Accounts Details

The number of times a person can check the bank accounts linked to their phone number on the UPI app is limited to 25 times a day. It has also been announced that approval will be asked for each time. This will also help reduce unnecessary usage. This will help reduce traffic.


upi in india after augest 1


Transaction Status Check

The number of times that Payment Service Providers (PSPs) or banks can check the status of a transaction has also been limited. It has also been announced that continuous checking of the status of transactions will not be allowed. This will also help reduce unnecessary usage, NBCI said.

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