- Application Lock: Payment applications such as Paytm, Google Pay, PhonePe, and banks have been requested by the National Payments Corporation of India (NPCI) to disable UPI IDs and numbers that haven’t been used for more than a year. If a UPI ID or associated mobile phone isn’t used for transactions for more than a year,These applications should be locking the UPI IDs out. This is an attempt to prevent unused accounts.
- Payment Limits:
- Standard Limit of 1 Lakh: For UPI transactions, the NPCI has established a new maximum daily payment limit of Rs 1 lakh
- Limit Extended to 5 Lakhs for Critical Services: RBI raised the UPI transaction limit to Rs 5 lakh for healthcare and educational institutions.
- Enhanced Security:
- Account Name Visibility: Payer who is paying should be able to see the payee – would be receiving the payment, actual bank account name on the screen. This will help avoid any wrong payments or errors during transfers
- Four-hour time restriction: There will be a four-hour time restriction for the first payment above Rs 2,000 made between payer and payee who have never transacted previously in an effort to curtail the rising number of incidents of online payment fraud.
- Opportunity of Reversal: Payer who is initiating the payment transfer would have these 4 hours to reverse the payment if the payer finds an issue in the payment or if the transaction is a fraudulent payment.