UPI Transactions– Big news for UPI users. The government has clarified that there has been no change in the fees for UPI (Unified Payments Interface) transactions since July. Whether the transaction is less than or more than Rs 3,000, users will not have to pay any additional charges. This step has been taken with the aim of promoting digital payments. Here we are telling about the latest changes in UPI.
No extra charges on UPI
The government has clarified that UPI transactions will be completely free, whether they are less than Rs 3,000 or more. This will ensure that users do not have to worry about transaction fees while making digital payments.
Balance check limit fixed
Now the balance can be checked only 50 times a day from a UPI app. This change has been made to reduce unnecessary load on the system and improve the network.
Limit of accessing bank account details from mobile number
Users will be able to check bank account information linked to a mobile number only 25 times a day. The purpose of this is to maintain privacy and limit phishing attempts.
UPI ID verification and request response time reduced
Now the response time for operations like UPI ID Verify and Request Pay has been reduced from 15 to 10 seconds, which will speed up both transactions and interactions.
10 second limit for valid address also
If you verify an address or detail, the system will now give the result in a maximum of 10 seconds, further improving the real-time payment flow. If for some reason the payment is unable to reach the UPI system, such as due to network problems or technical glitches, then such transactions will now be automatically declared as failed. This will save the user from having to wait unnecessarily for the status.
The limit for status check is also fixed
To reduce the load on the system, NPCI has said that any bank or payment app can check the status of a transaction only a maximum of three times within 2 hours. This will not increase the load on the system and the performance will be better. Apart from this, now the response for finding out the status of a transaction or reversal will be received in only 10 seconds instead of 30 seconds. This change has been made to provide fast and accurate information to the users.