New UPI Transaction Rules
As the New Year starts we have a lot of things to look forward to and a lot of things that we need to learn about and it seems the learning will start from new rules that have been added for UPI transactions which everyone should know about. There are basically 5 major changes that are coming to UPI which are as follows
UPI Transactions will take 4 Hours to Complete
Yes it seems now if you are sending money to any new user which you have previously never interacted with them the transaction will take upto 4 hours to complete which was basically done to safeguard peoples from various Online Scams that are rampant Online. But there is a limit that was implemented as we all use UPI for merchant payments so from now on any transaction over 2000 INR will require a 4 hour period to complete provided it's a first time transaction.
UPI Limit Extension
Usually there is a 100000 INR daily limit set on every single UPI ID and this is your daily limit but now that limit may be increased upto 500000 INR for certain transactions as now you can pay upto 500000 INR for your Health Bills and Education Bills which is a step towards the right side.
Buy Now Pay Later
Buy now Pay Later is a trend that has been booming in India for quite some time and usually this was available for Credit Card Users but now UPI has come up with the same feature where banks will provide free Credit for a set time period and even though the amount and time may vary for each and everyone but this is also a good step in my opinion.
Emandate Limit Increase
The eMandate limit which was 15000 INR has been now upgraded to 100000 INR. This is the only thing that I am a little skeptical about and the reason is that eMandate limit is ok with being low as nobody is going to do a 100000 INR eMandate for any SIPs or any recurring payments. So I really don't see the point to that.
Other than that there is also the Tap to Pay feature which is also a basic thing and should have been done from the very beginning.
So what do you guys think about these new features that have been added to UPI.
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