Five Key UPI Transaction Changes For 2024

UPI ID Management

· Payment apps instructed to verify and maintain active UPI IDs · NPCI to deactivate inactive UPI IDs after one year

Higher UPI Limit For Institutions

· RBI raises UPI limit for hospitals and educational institutions to Rs. 5 lakhs · Facilitates larger online payments in these sectors

Security Boost For Larger Payments

· RBI proposes a 4-hour window for first payments over Rs. 2,000 · Allows transaction reversal or modification · Strengthens user control and transaction security

Fee For Merchant UPI Transactions With PPIs

· 1.1 percent interchange fee for specific merchant UPI transactions · Applies to transactions exceeding Rs. 2,000 with prepaid payment instruments · Regulates transactions involving online wallets

Transparency In UPI Transactions

· UPI apps now display the actual name of the recipient's bank account · Enhances transparency and accuracy in payment details · Provides clearer information during UPI transactions