Starting January 1, new rules will be implemented for UPI transactions, bringing significant changes for users. The Reserve Bank of India (RBI) has announced an increase in the transaction limit for UPI 123 Pay. Users will now be able to make transactions of up to Rs 10,000, a rise from the previous limit of Rs 5,000. This update aims to provide greater flexibility and convenience in digital payments.
What is UPI 123Pay?UPI 123Pay is a service that allows users to make payments without needing an internet connection. The Reserve Bank of India (RBI) has implemented various measures to regulate and manage such transactions effectively. UPI 123Pay offers users up to four different payment options: IVR numbers, missed calls, OEM-embedded apps, and sound-based technology. Recent changes have further enhanced this service.
What's the Deadline?The deadline for implementing the new UPI rules is January 1, 2025. From this date, users can make transactions of up to Rs 10,000 with ease. Additionally, an OTP-based authentication system will be mandatory for payments. This means that users will need to enter a one-time password (OTP) to complete their transactions. The decision has been made to enhance payment security and safeguard user data.