Attention UPI Users! Exciting Changes Unveiled for 2024
Discover the Future of UPI with these 5 Major Transformations
Unlock the latest developments in the realm of Unified Payments Interface (UPI), the trailblazing payment system that has reshaped the way we handle transactions. Crafted by the National Payments Corporation of India (NPCI), UPI continues to evolve, offering users unparalleled convenience and efficiency since its public debut in 2016.
1. Inactive UPI IDs Beware!
The NPCI has issued a crucial directive to banks and leading online payment apps such as Google Pay, Paytm, and PhonePe. In an effort to keep the UPI ecosystem dynamic, dormant UPI IDs languishing for over a year will be deactivated. Stay active to stay connected!
2. Revolutionizing the Secondary Market with 'UPI for Secondary Market'
Brace yourselves for the Beta phase of 'UPI for Secondary Market'! Introduced by NPCI, this groundbreaking app empowers limited pilot customers to secure funds post-trade confirmation, settling payments on a T1 basis through Clearing Corporations. A paradigm shift in market transactions awaits!
3. Elevated Transaction Limits
Prepare for a game-changing announcement by the Central Bank! The transaction limit for UPI payments has witnessed a substantial surge. As of December, RBI Governor Shaktikanta Das declared an impressive limit increase, catapulting it from Rs 1 lakh to a whopping Rs 5 lakh. This enhanced limit specifically targets payments to hospitals and educational institutions, urging users to embrace UPI for these critical transactions.
4. Cash Withdrawal Revolution via QR Code
Embark on a revolutionary cash withdrawal experience with the collaboration of NPCI and Hitachi Payment Services, giving birth to India's pioneering UPI-ATM. Say goodbye to conventional methods as cash withdrawal becomes as simple as scanning a QR code. The RBI is gearing up for a nationwide introduction of UPI ATMs, heralding a new era in banking convenience.
Stay ahead of the curve and embrace the dynamic changes in the UPI landscape. Your seamless and enhanced payment experience awaits in 2024!
Post a Comment
0Comments