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Starting August 01, NPCI will limit UPI balance checks to 50 times a day and set fixed time slots for autopay transactions to enhance reliability and reduce disruptions.
UPI is a real-time payment system that enables instant money transfers between bank accounts through a mobile application.
UPI Changes From August 01: Starting August 01, several changes in Unified Payment Interface (UPI) will come into effect, impacting users, banks and merchants alike. The regulating authority of UPI, the National Payments Corporation of India (NPCI), has announced a set of regulatory changes in the predominant digital payment platform.
These changes are aimed at making UPI more dependable, seamless, and less prone to disruptions, particularly during peak hours.
These changes are coming after the payment system witnessed two major outages – April 12 & March 26 – in the past 2-3 months, impacting crores of users and hampering transactions worth crores.
India’s real-time payment technology UPI (Unified Payment Interface) has emerged as the global leader surpassing Visa, according to a recent note by the International Monetary Fund titled Growing Retail Digital Payments: The Value of Interoperability. The IMF report states that UPI has powered 85 per cent of India’s digital payments and nearly 60 per cent globally.
What Are New Changes In UPI From Aug 01?
New API usage rules for all banks and payment apps—including updates to AutoPay and balance check features—will come into effect from next month.
Payment Check Up to 50 Times A Day
UPI users will only be able to check their account balance 50 times in a day from the limitless times as of now.
Fixed Time Slots For Auto-Payment
NPCI has set fixed time slots for UPI autopay transactions. Instead of being processed randomly during the day, payments like subscriptions, EMIs, and utility bills will now be handled at specific times. While the change happens in the background, it’s expected to improve platform speed and ease congestion.
This change will not impact customers directly as their auto-payments will continue to operate as usual. However, businesses need to readjust their schedules of payment collection in alignment with the time slots.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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