Changes to UPI Regulations Effective January 1, 2025: As the new year begins on December 31, there will also be an update regarding UPI payments. Beginning January 1, 2025, individuals can make UPI payments of up to Rs 10,000 using the UPI 123Pay system. This service allows transactions without an internet connection.
On January 1, not only will we welcome a new calendar year, but various regulations will also be revised. Among these adjustments are the rules for UPI payments. The RBI has made a decision to revise the transaction limit for UPI 123Pay. The Reserve Bank of India has opted to raise this limit. Through UPI 123Pay, users will now be able to conduct transactions of Rs 10,000 instead of the previous limit of Rs 5,000. This updated rule for the UPI 123Pay service will come into force on January 1, 2025.
It’s important to note that UPI 123Pay is a service enabling users to perform payments without the need for an internet connection. This aspect is why the RBI is actively working to oversee these transactions, and now adjustments have been made.
Types of UPI 123Pay
UPI 123Pay provides users with four different options for making payments. This includes IVR numbers, missed calls, OEM-embedded Apps, and sound-based technology. According to NPCI, feature phone users will have the capability to execute UPI transactions via IVR numbers. To do this, you must call one of the IVR numbers (080-45163666, 08045163581, and 6366200200) and have your UPI ID verified. After following the instructions during the call, you can complete your payment. Currently, there are around 40 million feature phone users in India, which means significant convenience will be provided to these users.
Launch of UPI 123Pay Service
The UPI 123Pay feature was launched in March 2022. It is perceived that UPI payments are rapidly gaining traction in India’s smaller towns and rural areas. Consequently, the RBI has chosen to double the UPI payment limit. Additionally, UPI services have been implemented in several countries including Sri Lanka, with the Indian system quickly expanding beyond its borders. The government continues to make new decisions regarding this.
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