UPI rules: Latest guidelines for UPI 123Pay features
UPI 123Pay is a Suite of solutions developed for Non Smart phone, feature phone users to use the UPI without internet connectivity. There are no charges for transactions under UPI 123PAY.
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UPI transaction limit increased: Check latest UPI, UPI Lite limits for different types of payments
UPI 123Pay allows smart phone and feature phone users to complete a variety of transactions digitally using four methods:
- Voice payment via IVR number,
- Proximity sound-based payments,
- Missed call-based payment strategy, and
- App-based scan and pay on feature phone.
According to the NPCI circular dated October 25, 2024, “A reference is invited to press release issued by Reserve Bank of India (RBI), dated 9th October 2024 with Subject 'Statement on Development and regulatory Policies' whereby RBI has decided to increase per transaction limit from X5,000 to X10,000 for UPI 123Pay.”
RBI has suggested to all live 123Pay members to comply before January 1, 2025.
The RBI had decided to raise the single transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000. This announcement was made in a press release titled «Statement on Development and Regulatory Policies» that was issued on October 9, 2024.
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