Today UPI has become a necessity for everyone. People carry mobile phones instead of keeping money in their pockets. If they have to make any payment, they do it through the financial app on their mobile phone instead of paying in cash. Important changes are being made in the rules related to UPI from today.
If you transfer money to someone through a mobile phone app, you make payment through mobile phone for purchasing fruits, vegetables, milk or any other goods, or you use payment app for any other financial work, then this news is important for you. Actually, National Payments Corporation of India (NPCI) has made important changes in its Unified Payments Interface (UPI) from today. Payment is done through financial app through this UPI. These changes have been implemented across the country from today.
What has changed
Your wife calls and asks you to send 5,000 rupees immediately. You wonder if you have that much money in your account or not. You immediately open the UPI app and check your account balance. Till now you used to do this frequently. There was no restriction on this. But from today you will be able to check the balance only 50 times a day. Not only this, you will be able to see your bank account list only 25 times a day. It is said that some customers used to check the balance through UPI just to pass time. This also caused congestion on the system. Therefore, a change is being made in this.
Changes in the rules of auto payment too
From today, there has been a significant change in the rules of AutoPay. Now whether it is the EMI of your home, car or personal loan, systematic investment plan or SIP of mutual fund or subscription of Over the Top Platform also known as OTT, its transaction time has also been changed. For these, monthly scheduled transfers will now be done only before 10 am or after 9.30 pm.
What if the transaction fails?
Another important change in UPI is regarding its transactions. Now if your UPI payment is not successful, that is, it fails, then the chances of knowing its status have been limited. Now you will get only 3 chances to check this status. Not only this, there will be a gap of 90 seconds between every attempt to check the status. This change has also been made to reduce the load on the UPI server.
Check the name of the person to whom you are sending the money
Another important change in the rules of UPI is regarding the name of the recipient of the money. Now the name of the person to whom the money is transferred will be visible as soon as the money is transferred. The advantage of this will be that if you have typed the wrong address or number by mistake, you can be cautious by seeing the name. By seeing the name, you will know whether the money is being sent to the right person or not.
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