UPI Rules to Change from August 1: Here’s What You Need to Know

Big changes are coming to UPI transactions from August to boost online payment security. New limits are being set for balance checks and transaction status viewing.

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Digital India

Since the Modi government came to power, it has taken several steps towards building a Digital India. And for that reason, emphasis has been placed on online payments. UPI transactions are playing an important role in building a cashless economy. Now that system is going to be tougher.

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Cybercrime

As time goes on, more and more people are relying on online. While this is beneficial, cybercrime is also on the rise. Now for the convenience of the common man, a bigger change is coming in UPI transactions in the coming days.

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What are the new rules?

From August, new rules have to be followed to make UPI transactions. From August, a limit is being set on how many times you can check your balance. And you can't see the balance more than 50 times a day. There is also a limit on checking the bank account linked to your mobile number. You can check the balance a maximum of 25 times a day.

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Auto-pay transactions

There is also a fixed time slot for auto-pay transactions. There should also be a gap of at least one and a half minutes or 90 seconds in viewing the status of your transaction. From now on, this rule has to be followed. This change will be effective from August 1. If you don't know this rule, you will be in danger.

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Digital transactions

The report says that currently more than 600 crore UPI transactions are happening. However, recently various complaints have been heard about digital transactions. These were mostly in April and May. Since then the administration has been alerted.

The National Payments Corporation of India i.e. NPCI has discovered that one of the reasons behind this problem is the balance check method of the customers. That's why change is coming. From now on, i.e. from August, new rules have to be followed.