UPI.
National News: The Unified Payments Interface (UPI), one of India's most widely used digital payment systems, is set to undergo some significant changes starting August 1. These changes will impact how users manage transactions and interact with banking services through UPI. Here's a detailed breakdown of what’s new.
Until now, there was no restriction on how many times users could check their bank balance via UPI apps like PhonePe, Paytm, or Google Pay. But from August 1, users will be allowed to check their account balance only up to 50 times per day. After that, they’ll be blocked from further balance inquiries until the next day.
This limit will apply even if multiple bank accounts are linked to the same mobile number, which could affect users who actively manage more than one account.
Auto-payment services for monthly subscriptions (like OTT platforms) and investment plans (like SIPs) will now be regulated. Auto-debit transactions will be disallowed during peak banking hours. These payments can only be processed in the following time slots:
This move aims to reduce network congestion during high-traffic periods and ensure smoother digital transaction processing.
With the increasing integration of credit cards into UPI platforms, users can now pay using their credit card in the following way:
The National Payments Corporation of India (NPCI) is introducing these reforms to strengthen cybersecurity, reduce system overload, and streamline digital banking behavior. UPI users are encouraged to stay informed and adapt to these changes for hassle-free transactions.
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