Good news for Paytm, PhonePe, Google Pay users, transaction limits increased
UPI transaction rules: NPCI in collaboration with the Reserve Bank of India has decided to increase the limit of UPI transactions. Let us tell you that earlier a limit of Rs 1 lakh was set for UPI payment.
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On the occasion of New Year, the Central Government has given great news to those doing transactions through PhonePe, Paytm, Google Pay and UPI. At present, its use has increased rapidly from paan shops to big places. Everyone is now dependent on digital transactions. Now to promote UPI payment, the Central Government has made some changes in the UPI rules. NPCI in collaboration with the Reserve Bank of India has decided to increase the transaction limit. Let us tell you that earlier a limit of Rs 1 lakh was set for UPI payment.
Under the new rules, NPCI and RBI have increased this limit from Rs 1 lakh to Rs 5 lakh. However, this facility will be available only in transactions of hospitals and educational institutions. This facility will be started for UPI payment app users from January 10. For this, NPCI has issued an advisory to banks and payment service providers. Let us tell you that to increase the convenience of transactions, NPCI will first verify the merchant. After this, it will be necessary to enable UPI as a merchant payment mode.
In addition to this change, a 1.1 per cent interchange charge will also be levied on certain merchant UPI transactions above Rs 2,000 done using prepaid transaction instruments like online wallets. According to a report, there will be a time limit of four hours for the first payment of more than Rs 2,000 for those who have not done the transaction before to reduce the rising cases of online payment fraud. At the same time, soon UPI users will be able to activate the 'Tap and Pay' facility. Although it is not official yet.
