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5 UPI Major Updates in 2024

UPI(Unified Payment Interface) had become as main thing for the consumers, business etc as compare to last year the data and the number had been risen more ,because it becomes easy for people and consumers to pay money aur receive money through a scanner code.

As there were few backlogs which a consumer was facing so RBI had published certain rules which are going to apply as on 1st January 2024

FRAUD PREVENTION : As payment through UPI had made people life more easier but, and the numbers of fraud had been rising so RBI had put limit on transferring/or paying Rs2000 and it will take 4hour window to complete the transaction,it indiactes that a person who wish to reverse the payment can cancel the payment or else if the person had paid the more amount , so in all these cases the chances of fraud reduces .

WITHDRAWAL OF CASH WITHOUT ATM: Earlier while consumers withdraw money through debit card then bank charges about between 2.5%-3% and it differs from bank to bank , so NPCI with help of Hitachi Financial Services had rolled out UPI ATM where consumers can withdraw cash through their UPI and it had already been launched and rolled up had been started in various cities .

INACTIVE UPI IDs : RBI had strongly mentioned to other fintech companies such as Phonepe, Googe pay, Paytm etc to deactive the consumers account if they had not made any transaction since 1 year.

TRANSACTION LIMIT : Earlier while making payment to bank, hospitals, education the limit was Rs 1 lakh but now it had exceeded to 5Lakh.

UPIs FOR SECONDARY MARKET : When ever a retail investor buy or sell shares he/she had to transfer the amount to their brokerage account and then to place the order ,where due to insufficient balance the amount gets stuck , this specially happen during IPO so RBI had changed the rule where a retail investor can directly buy shares through payment of UPI without transferring the money to broker account.