The Unified Payment Interface (UPI) is set to introduce several changes to the instant payment service from August 1. The National Payments Corporation of India (NPCI) is going to implement the new rules to improve the performance of UPI transactions.
So, if you are a UPI user and rely on payment service providers like PhonePe, Google Pay or Paytm on a regular basis, then the new rules are set to affect the way the transactions take place. Though, the revised guidelines wouldn't impact your day-to-day transactions, it is set to bring in restrictions for UPI-related services.
The new rules include caps on limiting services, like checking bank balance, auto payments, fetching bank account info and checking payment status. The NPCI has said that the new rules have been brought to enhance UPI's stability and efficiency.
What are the changes in UPI from August 1:
Here are some of the prominent changes that the UPI users are set to experience from August 1:
- Cap on checking bank balance on UPI: Starting August 1 onwards, the UPI users will be able to check their bank balance only 50 times a day on each UPI app. The restrictions would allow NPCI to decrease the pressure on the Application Programming Interfaces (API) system during the peak hours.
Also Read: UPI will work slightly differently from August 1: Here’s what’s changing
- Displaying balance after every transaction: Though the NPCI has restricted the number of attempts on balance requests, the users will be able to see the available account balance after every successful UPI transaction.
- Auto payments during fixed hours: The new rules also include processing scheduled bill payments during fixed hours to ease the burden on the daily UPI transactions. Auto payments to merchants or the monthly scheduled transfers for OTTs, EMIs or mutual fund investments will occur during non-traffic hours before 10 am or after 9:30 pm.
- Limited tries to access bank account details: From next month onwards, the UPI users will also be able to retrieve information regarding their bank accounts linked to the mobile number 25 times a day.
- Payment status related: The users will be allowed to check the status of a pending transaction only three times. Moreover, the user will be able to check the status after a mandatory gap of 90 seconds between each attempts.
Also Read: UPI will work slightly differently from August 1: Here’s what’s changing
- Displaying balance after every transaction: Though the NPCI has restricted the number of attempts on balance requests, the users will be able to see the available account balance after every successful UPI transaction.
- Auto payments during fixed hours: The new rules also include processing scheduled bill payments during fixed hours to ease the burden on the daily UPI transactions. Auto payments to merchants or the monthly scheduled transfers for OTTs, EMIs or mutual fund investments will occur during non-traffic hours before 10 am or after 9:30 pm.
- Limited tries to access bank account details: From next month onwards, the UPI users will also be able to retrieve information regarding their bank accounts linked to the mobile number 25 times a day.
- Payment status related: The users will be allowed to check the status of a pending transaction only three times. Moreover, the user will be able to check the status after a mandatory gap of 90 seconds between each attempts.