Biggest News for UPI Payments!
UPI Payment: In the last several years, the trend of online payment (UPI Payment) has increased a lot across the country. Due to this online payment, citizens have forgotten to carry cash in their pockets. The use of ATMs has also reduced to some extent. That’s why citizens have become addicted to online payment (UPI Payment). But now this habit is going to cost the customers dearly. As there may be some restrictions on online payment.
What did RBI say?
A big change is going to happen soon in the UPI Payment System. Many online payment (UPI Payment) users will be affected by this change. Nowadays every person is doing transactions through UPI. Hence any change in this payment will directly affect the customer.
Apps providing UPI payment services will soon limit daily transactions. Vigorous preparations are going on for that too. The National Payments Corporation of India (NPCI) is set to limit the volume cap of Third Party App Providers (TPAP) in the country to 30 per cent. Talks are on with the Reserve Bank in this regard. Companies like Phone Pay, Google Pay and Paytm will be able to set limits only after RBI’s approval. Due to which the customers can face a lot of trouble. What will be the transaction limit on this, it has not been decided yet.
Will the decision be taken on ‘this’ date?
The daily limit for UPI is decided by the bank. At present, SBI has set a limit of one day UPI transaction of 1 lakh. On the other hand, when it comes to the private sector ICICI Bank, the limit is Rs 10,000. In 2020, NPCI issued a directive limiting the share of transactions that third-party application providers can set at 30 per cent of the transaction volume on UPI from January 1. 2021. NPCI is doing all kinds of assessment, only after that the limit will be decided. According to media reports, a decision on this can be taken by December 31.
Meanwhile, if UPI payment is banned, then the customers will get a big blow.