Digital Money

Embracing UPI in 2024: Five Essential Rules Changes You Must Be Aware Of

UPI Rules 2024

With the start of the year 2024, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest-growing method of payment, has some new rules that you should be aware of.

With effect from January 1, 2024, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations to improve UPI and improve user experience.

The following are five new changes in UPI that you need to be aware of:

UPI IDs that are inactive- UPI rules 2024

In accordance with NPCI guidelines, payment apps such as PhonePe, Google Pay, PayTM and more must verify and maintain active UPI IDs. UPI IDs inactive for a year will be deactivated.

To avoid deactivation of your UPI ID, it is important to make at least one payment soon if you haven’t used it in a long time.

Preventing fraud-UPI new rules 2024

According to the central bank, if users make a first payment of INR 2,000 or more to a new recipient within the next four hours, they will be able to reduce the number of financial frauds. If the user has never transacted with the person before, he or she can modify or reverse the transaction during this period.

Transaction limit increased

From INR 1 lakh to INR 5 lakh, the transaction limit for hospitals and educational institutions has been increased to help users make large transactions. Those paying large amounts to such institutions will be able to complete their payment more easily.

ATMs that accept UPI

In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has begun rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. There has already been a launch of the first ATM, and more will follow.

Secondary market UPI

NPCI’s UPI for secondary market project has entered beta phase, enabling selected users to block funds after trade confirmation in the secondary market.

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Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

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