5 New Rules related to UPI that you must know

Unified Payments Interface (UPI) has gained immense popularity in India due to several key factors. Firstly, UPI offers unparalleled convenience, allowing users to initiate transactions directly from their smartphones without the need for bank account details. This simplicity has attracted a vast user base, including those from rural areas and individuals with limited technological proficiency.

Moreover, UPI ensures swift and seamless transactions, with funds being transferred instantly, even outside of traditional banking hours. This real-time settlement feature has revolutionized the payment landscape, enabling businesses and individuals to conduct transactions swiftly and efficiently.

Now, despite its popularity, there are frequent updates on how UPI works, in an effort by the NPCI to make things better. In this blog, we will take you through the biggest new updates in UPI:

What are the new UPI rules?

1. Increased Transaction Limits for Hospitals and Educational Institutions:

The Reserve Bank of India (RBI) has raised the transaction limit for Unified Payments Interface (UPI) payments from ₹1 lakh to ₹5 lakh for transactions involving hospitals and educational institutions. This move aims to facilitate high-value, real-time payments, and instant settlements in critical sectors.

2. Pre-Sanctioned Credit Line on UPI:

NPCI has instructed banks and online payment applications such to deactivate any UPI IDs that have remained inactive for more than a year. If your account has been laying dormant for a while now, it is important that you at least make a small transaction to keep the account active.

Read more: Learn how to generate your new PIN number

3. UPI for Secondary Market:

The National Payments Corporation of India (NPCI) has introduced ‘UPI for Secondary Market’ in its Beta phase, allowing limited pilot customers to block funds post-trade confirmation and settle payments on a T1 basis through Clearing Corporations.

4. UPI ATMs Using QR Codes:

UPI ATMs using QR codes, currently in the pilot phase, are set to enable cash withdrawals without the need for physical debit cards, enhancing convenience and financial inclusion.

5. Four-Hour Cooling Period:

The RBI has proposed a four-hour cooling period for users initiating first payments exceeding ₹2,000 to new recipients, aiming to enhance the safety of UPI transactions. This timeframe allows users to reverse or modify transactions, thus improving security measures.

Read more: What is UPI and how does it work?

How to make the most of your UPI payments with the Airtel Thanks app?

To make the most of your UPI payments with the Airtel Thanks payments app, you can leverage various features and functionalities offered by the app. Here’s how:

1. Seamless UPI Integration: The Airtel Thanks app seamlessly integrates UPI functionality, allowing you to initiate and manage UPI transactions directly from the app. This eliminates the need for multiple payment apps and provides a centralized platform for all your banking needs.

2. Secure Transactions: Ensure that your UPI transactions are secure by setting up strong authentication measures such as UPI PIN within the Airtel Thanks app. This helps safeguard your financial information and prevents unauthorized access to your account.
3. Cashback and Rewards: Take advantage of cashback offers and rewards available for UPI transactions made through the Airtel Thanks app. Keep an eye out for special promotions and incentives that can help you save money or earn rewards points on your transactions.
4. Bill Payments and Recharges: Use the Airtel Thanks app to conveniently pay your bills and recharge your mobile, DTH, or broadband services using UPI. With just a few taps, you can settle your utility bills or top up your prepaid accounts without hassle.
5. Split Payments: Easily split bills and expenses with friends or family members using the UPI feature on the Airtel Thanks app. Whether you’re dining out with friends or sharing household expenses, you can quickly divide the costs and make payments seamlessly.
6. Merchant Payments: Make quick and secure payments at various merchant outlets using the Airtel Thanks app’s UPI functionality. Simply scan the merchant’s QR code or enter their UPI ID to complete the transaction swiftly and conveniently.
7. Instant Money Transfers: Take advantage of UPI’s real-time transfer capabilities to send money to friends, family, or vendors instantly through the Airtel Thanks app. Whether you’re splitting a bill or sending funds for emergencies, UPI ensures swift and hassle-free transactions.

By leveraging these features and capabilities offered by the Airtel Thanks app, you can optimize your UPI payments experience and enjoy seamless, secure, and rewarding transactions on a single platform.