UPI is one the best thing in India. RBI & NPCI brings many Rules & updates, Here are 7 Big UPI Changes In 2024.
Account Close
If there is inactivity on UPI apps like Google Pay, Paytm, Phone Pe, etc for 1 year, NPCI will automatically close your account. This measure aims to prevent the misuse of dormant accounts. Reactivation is possible, ensuring you retain access.
Payment Limits
NPCI has elevated the payment limit from 1 lakh to 5 lakh specifically for hospital and educational institution payments. This facilitates seamless transactions for substantial medical bills and educational fees.
The E Mandate Limit has increased from 15,000 to 1 lakh, eliminating the need for OTP and proving beneficial for SIP and other investors.
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UPI ATM
UPI users can now withdraw cash from ATMs using UPI QR codes. This convenient service, initiated through collaboration between UPI and Hitachi, eliminates the need for carrying physical ATM cards.
Waiting Time for Payments
To deter fraudulent activities, a 4-hour waiting window has been implemented for certain payments. For transactions exceeding ₹2000 to a new recipient, a 4-hour processing time allows users to edit or cancel the transaction during this period
UPI PAY Later
UPI introduces a ‘Pay Later’ feature, rendering credit cards less essential. Users can make purchases and defer payments, enjoying a 45-day interest-free period. Additionally, this feature offers various perks such as offers, gifts, discounts, and potential credit line or score increases.
Investing in Shares
UPI now facilitates direct investment in shares. Unlike traditional broker apps requiring separate account funding, this update allows users to invest directly through their UPI, with funds deducted or returned to their bank account.
Particularly advantageous for savings account holders, as their funds continue to earn interest.
UPI Lite
Users can now add up to 2000 to their UPI wallet and conduct transactions of up to ₹500 without requiring a PIN. This feature is designed for reduced or no internet connectivity and needs to be manually enabled.
In addition to these UPI Changes In 2024, UPI has expanded its availability to countries such as Nepal, UAE, France, and many others.
