New delhi: From today onwards you might notice a little change in how upi works. The National Payments Corporation of India (NPCI) has made some updates to reduce the stress on the system and make upi payments quicker. If you use apps like phonePe, google pay, or paytm, here are 5 important updates you should know about.
From today, you can check your account balance only 50 times a day on each upi app. This count is based on a 24-his period and include the balance checks you make yourself. Also, UPI apps can no longer automatically check your balance in the background.
The system that Handles Automatic Payments Like EMI or Ott subscriptions will now work only during off-peak times. That means it will make payments before 10 am or after 9:30 pm. This is done to avoid making the system too bus business the busiest hours.
Now, Each user can view the list of bank accounts linked to their mobile number through upi only 25 times a day. This is possible only if you choose your bank from within the app.
For Failed Auto-Debits, The System will now allow one main attempt and three retries for Each payment, giving you a total of four chances to complete the payment linked to a mandate.
With Nearly 16 Billion UPI Transactions Happening Every month, the system is under more pressure. In April and may, many users faced issues with upi service. According to NPCI, Much of this Problem Comes from Too Many Repeated API Requests. Frequent Activity puts extra strain on the UPI system, so stricter controls are needed.
No Daily UPI Transaction Limit has been increased. The limit of 20 transactions per day and Rs 1 lakh per day for transfers remains the same under the new rules. You can still use upi as usual within these limits.
New users will still have lower transfer limits. For the first-time UPI users, banks will set a limit of Rs5,000 per transaction and rs5,000 per day for the first 24 hours after registration.
