The new UPI rules will be implemented on Friday, August 7. These rules will further enhance the efficiency of UPI apps and protect users from fraud. The scheme, implemented by the National Payment Corporation of India (NPCI) will apply to all payment services such as Google Pay, Phonepay or Paytm.
New rules will regulate activists such as checking bank balances, processing autopaments and accessing bank details. The circular issued by the NPCI on May 7 mentioned all these changes, and it has been mentioned that the performance of UPI applications will improve the performance of UPI applications.
Balance Inquiry
Each UPI app will allow users to check their bank balance 3 times a day. UPI apps will be able to limit or stop the balance inquiry requests to reduce the load on UPI in busy time. From August, users will be able to see the balance available in their account with each transaction.
Auto payment processing
Auto payment allows banks to automatically debit the amount from the users’ account. However, when the crop is done in the crop, the pressure on the system programming interface (API) system may increase. Therefore, the NPCI has made it mandatory to process such transactions in non-peak hills in the morning, from 1 to 2 pm and 9.4 pm. This means that if the autopulation is due at 7am, it can be cut before or after the scheduled time. In addition, the repetition will be provided for the successful deduction of auto Pay, after which the auto payment will be canceled.
Bank details
Customers can see the list of banks linked to their mobile number. They can only check the bank’s details 3 times a day. This will allow the customers to see their bank details at a certain amount of time and customers will have to start a request after selecting the bank of the issuer in the UPI app.
Transaction status
The transactions issued are very common during rush hour when customers often experience that money has been debited from the sender’s account, but the recipient has not received. From August, the deadline for updating in seconds will be rather than pending these insufficient payments. Users can only check the payment status 3 times, they will have a distance of 90 seconds.
Yujar details
The transaction recipient’s name will be shown to the sender before each transaction. This is to avoid fraud or to avoid sending money to the wrong recipient. The registered name of the recipient will be shown with the Transaction ID on the UPI app.
The circular also states that the NPCI UPI API restrictions, penalties, new customers suspension or onboarding or any other remedies are not followed if they do not follow these guidelines. These rules will increase the efficiency of NPPI online payment and reduce the cases of fraud.
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