In today’s era, everyone is using UPI payments extensively, and transferring money from one bank account to another has become very easy. Currently, various apps like Google Pay, Paytm, and PhonePe are available on UPI, and several rules have been introduced.
UPI App
At present, if you have a bank account and an ATM card, you can start using the UPI app, which includes apps like Google Pay, Paytm, and PhonePe. However, there are certain limits on UPI transactions, allowing you to transfer a specified amount in a single day.
Now, you can easily make payments by scanning a QR code and entering your UPI pin. Transactions can be completed within minutes, making it extremely convenient in today’s times.
UPI New Rules
Let’s discuss some upcoming rules that will soon be applicable to UPI:
- If you perform a transaction with a new UPI ID, you can only transfer up to ₹2000 within 24 hours. Transactions exceeding this limit will be processed after a waiting period of 4 calendar days.
- In the future, tapping your card for payments will also be possible on mobile devices through UPI. This feature will be available for devices supporting NFC.
- Currently, we can withdraw cash from ATMs using ATM cards, but in the coming years, it will be possible to withdraw money from ATM machines using UPI.
- UPI users are currently limited to transactions worth ₹100,000 within 24 hours. However, after some rule changes, transactions up to ₹5,00,000 will be allowed for medical and education fee payments.
- Starting next year, UPI IDs can be deactivated. If your number changes, you can close the UPI ID associated with the old number.
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