With the start of the new year, several changes in the Unified Payments Interface (UPI) have come into effect. Here’s what you need to know:
Increased Transaction Limit for UPI 123Pay:
The transaction limit for UPI 123Pay has been increased from ₹5,000 to ₹10,000 per transaction. This update is particularly beneficial for users of feature phones who can make digital payments without requiring internet access.
Higher Limit for UPI Lite Transactions:
The per-transaction limit for UPI Lite has been raised from ₹500 to ₹1,000. This change is aimed at simplifying and making small-value transactions more convenient for users.
UPI Payments via Prepaid Payment Instruments (PPIs):
Starting January 1, 2025, UPI payments can now be made through PPIs with full KYC compliance. This allows customers to link their digital wallets to UPI for greater flexibility in transactions.
These updates aim to make digital payments more accessible, user-friendly, and secure, encouraging more people to adopt digital transactions in their daily lives.
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