UPI Payment Rule: If you also make UPI payments from popular apps like Google Pay, PhonePe, or Paytm, then some important changes from August 1 may be important for you. The National Payments Corporation of India (NPCI) is now going to change some technical aspects related to the UPI system.
Its main objective is to reduce the increasing load on the UPI system and control unnecessary API requests so that the digital payment experience can become even more smooth and secure. Let us understand in detail how these changes will affect your everyday transactions.
Those who check their balance frequently will be shocked
This change will have the biggest impact on those who check their bank balance several times a day, or who have multiple bank accounts linked to the same mobile number. According to reports, now you will be able to check your bank balance only 50 times a day with the UPI app.
At the same time, the details of bank accounts linked to the mobile number will also not be able to be viewed more than 25 times. This step has been taken to reduce unnecessary server load and maintain system stability. So from now on, think twice before checking the balance!
More than 7 thousand transactions are happening every second on UPI
UPI has brought a revolution in digital payments in India. UPI’s daily transactions have reached almost 16 billion! This means that more than 7 thousand transactions are happening every second. This figure shows the unprecedented pressure on the UPI system. Another serious aspect of this is that if UPI stops working for even a minute, then about 4 lakh people are directly affected.
Once in April, this happened when the payment system stopped working for 5 hours and lakhs of people had to face deep trouble. To avoid these problems and prevent such incidents in the future, NPCI is making these changes.
Auto-payments will also be done on time now
Another big change will be regarding auto payments. Subscription payments like SIP (Systematic Investment Plan) or Netflix will now happen only in non-peak hours. That is, there will be a set time limit for these payments, which will usually be less busy hours.
This time limit can be as follows:
Before 10 am.
Between 1 pm and 5 pm.
After 9:30 pm.
NPCI has asked all banks and payment service providers to implement these changes by July 31. Recently it was found that some banks were repeatedly sending API requests like ‘check transaction’, which was putting a lot of load on the system, and many times UPI would stop. These changes will increase the system’s efficiency.