What are the new rules for UPI payments in 2023

What are the new rules for UPI payments in 2023?

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Increase in transaction fees for UPI Lite, UPI Lite feature is available in all payment apps,RBI also plans to introduce new features in UPI.The Reserve Bank of India (RBI) has set a limit of Rs 200 per transaction and an aggregate limit of Rs 2,000 for small-value digital payments offline, including through the National Common Mobility Card (NCMC) and UPI Lite.

Is there any limit to transfer money through UPI?

The National Payments Corporation of India (NPCI) has announced some rule changes for sending money through UPI in India, effective from April 1, 2023.

The following are the key changes:

Interchange fee on PPI merchant transactions, An interchange fee of up to 1.1% will be levied on UPI transactions above Rs. 2,000 made through PPIs (prepaid payment instruments) such as wallets and cards. This fee will be paid by the merchant, not the customer.

No charge for bank-to-bank UPI payments, There will be no charge for bank-to-bank UPI payments, regardless of the amount. This is the most common type of UPI transaction, so most users will not be affected by the new rule changes.

Increased UPI daily transaction limit,The maximum UPI daily transaction limit has been increased from Rs. 1 lakh to Rs. 5 lakh for bill payments and merchants. The limit for personal transactions remains at Rs. 1 lakh.

The following are some additional restrictions on UPI transactions:

The maximum amount that can be transferred in a single UPI transaction is Rs. 1 lakh.

The maximum amount that can be transferred in a day is Rs. 5 lakh for bill payments and merchants, and Rs. 1 lakh for personal transactions.

The UPI transaction limit can vary from bank to bank.
Users must be 18 years of age or older to use UPI.
Users must have a bank account and a UPI-enabled app to use UPI.

What is UPI Lite and what does it do?

UPI Lite is a simplified version of the Unified Payments Interface (UPI) payment system, designed for low-value transactions. It was launched by the Reserve Bank of India (RBI) in September 2022.

UPI Lite allows users to make payments of up to Rs. 200 without the need for a UPI PIN. This makes it ideal for small, everyday transactions such as buying groceries, paying for cab rides, or tipping food delivery drivers.

To use UPI Lite, you need to have a UPI-enabled app such as Google Pay, Paytm, or PhonePe. Once you have the app, you can simply enter the recipient’s phone number or UPI ID, and the amount you want to pay. You will then be able to confirm the transaction without entering a PIN.

UPI Lite is a great way to make quick and easy payments for small, everyday transactions. It is also a more secure way to pay, as you do not need to enter your UPI PIN every time you make a transaction.

Here are some of the key features of UPI Lite:

No UPI PIN required, You can make payments of up to Rs. 200 without entering a UPI PIN.

Secure: Your payments are protected by the same security features as UPI, including 3D Secure authentication.

Easy to use: UPI Lite is easy to use, even for first-time users.

Available on all major UPI apps: UPI Lite is available on all major UPI apps, including Google Pay, Paytm, and PhonePe.

If you are looking for a secure and convenient way to make small, everyday payments, then UPI Lite is a great option.

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