UPI users alert! Five new rules related to Unified Payments Interface you must know
UPI. “In 2024, UPI will continue to grow at about 60% in terms of volume above 2023 UPI transactions; P2M will continue to trend higher than that of P2P transactions; P2M will be about 60% of the total UPI volume," said Mehul Mistry, Global Head-Strategy, Digital Financial Services & Partnerships, Wibmo, A PayU Company.
It's essential to take note of the UPI rules that have been changed. High-value payments for critical sectors will get easier as the transaction limit for hospitals and education-related payments is raised to ₹5 lakh.
“To further enhance the utility of UPI, the central bank has raised the transaction limit for UPI payments from ₹1 lakh to ₹5 lakh, specifically encouraging the adoption of UPI for transactions involving hospitals and educational institutions," said Mehul Mistry, Global Head-Strategy, Digital Financial Services & Partnerships, Wibmo, A PayU Company. Overall, the higher UPI limit for these specific sectors will benefit both last-mile consumers and merchants by facilitating high-value real-time payments and instant settlements.
According to Amit Kumar, Chief Technology Officer, Easebuzz, pre-sanctioned Credit Line on UPI will bring the availability of loans to individuals and businesses, furthering financial inclusion in the country. Simultaneously, the National Payments Corporation of India (NPCI) has introduced 'UPI for Secondary Market,' currently in its Beta phase, allowing limited pilot customers to block funds post-trade confirmation and settle payments on a T1 basis through Clearing Corporations.
“UPI for the secondary market initiative will help in a more streamlined and efficient investing environment. Trading settlements will become faster as it works on the
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