Exploring the 5 Key UPI Changes in 2024
The Unified Payments Interface (UPI) has undergone significant changes in 2024, aimed at providing users with enhanced functionality, security, and convenience. Let’s delve into the five crucial updates you need to know:
5) Increased Limits for Auto Payments
- Old Limit: ₹15,000
- New Limit: ₹1 Lakh
One of the major UPI changes is the substantial increase in limits for auto payments related to credit cards and other subscriptions. The limit has been raised from ₹15,000 to ₹1 lakh. This adjustment facilitates the automation of significant monthly payments, making processes like investing in mutual funds, Systematic Investment Plans (SIPs), and other financial instruments more seamless through UPI.
4) UPI Lite Limits Elevated
- Old Limit: ₹200
- New Limit: ₹500
In a user-friendly move, UPI Lite limits have been raised from ₹200 to ₹500. This enhancement allows users to make small transactions without the need for a constant internet connection. It’s a welcome feature for those who prefer the convenience of offline transactions.
3) Window for Transaction Reversals
To counter online scams, a 4-hour window has been introduced for users to reverse UPI transactions. This measure is designed to provide users with a reasonable timeframe to rectify any erroneous transactions and serves as an additional layer of security against fraudulent activities.
2) Deactivation Warning for Inactivity
Users who haven’t used UPI for a year face the risk of deactivation. To ensure the continuous functionality of your UPI account, making occasional payments is crucial. This preventive measure discourages dormant accounts and encourages regular usage.
1) Increased UPI Limits for Critical Transactions
- Old Limit: ₹1 Lakh
- New Limit: ₹5 Lakh
Recognizing the need for larger UPI transactions in emergencies, the limits for hospitals and educational institutions have been significantly raised from ₹1 lakh to ₹5 lakh. This adjustment facilitates smoother and more efficient transactions during critical times related to health and education.
In conclusion, these UPI changes in 2024 cater to the evolving needs of users by increasing transaction limits, improving security measures, and promoting regular usage. Staying informed about these updates ensures that users can make the most of the UPI platform while enjoying a secure and convenient digital payment experience.
