Every hour, more than 2.5 crore UPI transactions happen in India. It is so reliable that many people have stopped keeping cash. On April 12, people doing UPI transactions got a sudden shock when payments started failing from apps like Paytm, G Pay, and PhonePe. This has happened for the third time in the last 15 days. After all, UPI is refreshing repeatedly. Will this happen in the future too, and what should be done if your payment gets stuck in such a situation? We will know in today’s explainer. For example, SBI and other banks have talked about maintenance or technical faults, so can the UPI service go down in the future too? Suppose Shreya’s bank account is in SBI and her friend Abhishek’s account is in HDFC Bank. Shreya uses it on her phone, and Abhishek ji has to send ₹ 500 to Shreya. Then this process will be something like this. Shreya opens her phone and enters Abhishek’s UPI ID. After typing 500, Shreya enters the UPI PIN. Her request reaches NPCI via phone. NPCI checks all the details. NPCI asks Shreya’s bank to deduct ₹500 and deposit it in Abhishek’s HDFC account. Usually, all this happens in two to three seconds. If everything is correct, a transaction success message is received. NPCI’s network is used for UPI transactions. In such a situation, if there is any problem in this network, the entire UPI server is affected. NPCI is working on new features like UPI Lite and International Payments to increase the capacity of UPI. Until all these improvements are implemented, there may be technical problems in NPCI’s server. This can also cause UPI service to go down in the future. What to do if your digital payment gets stuck? When the UPI server is down and the payment gets stuck, there is no need to panic. Your payment will either go to the receiver’s account or come back to your bank account. It may take up to 72 hours. No money gets stuck in between. However, during this time, you must avoid double payment. Your money kept in the bank is completely safe. It is not affected by the UPI service being down.
UPI Transaction News: A big change is going to happen in UPI. How will it affect you?
UPI Transaction News: UPI – the most popular digital payment method in India – is now heading towards a major change. The RBI has empowered NPCI to increase the limit for P2M (Person-to-Merchant) payments, making the system more flexible based on evolving user needs. So, what’s the full story? Watch this report to find out.
We all make payments through UPI several times a day, whether it is a tea shop or online orders. Now, almost everywhere, payments are made through UPI, but now a big change is going to happen in this UPI system. Now a new twist is going to come in it. This change is not just technical but can also have a direct impact on your daily transactions and your pocket. The question here is what this change is and how it will change your life? Will it benefit you or harm you? So, RBI has made it clear that now the transaction limit of UPI, Unified Payments Interface, can be changed. We all know what UPI is. It is a real-time payment system with the help of which we can do transactions worth thousands in a few seconds. There are two types of transactions in it, one is P2P and the other is P2M. Now you must be thinking what this is. So I will explain it with an example. So suppose I have a friend and I gave him some money or I took some money from him. So this transaction is a person-to-person transaction, and it will be called a P2P transaction. Suppose I have made a payment to a shopkeeper and I have taken some goods or service from him, then this will be a P2M. person to person-to-merchant transaction. Now coming back to the UPI transaction, the limit of this transaction has been fixed for now. Till now, the limit of P2P and P2 transactions from UPI was 1 lakh. In P2 also there is a limit of 1 lakh only, but in some special cases, this limit goes up to 2 lak,h and in some cases even up to 5 lakhs. But this is only for limited cases. RBI has already issued guidelines regarding this. Now it is being said that this transaction limit will be increased. Now, let us also understand what statement has come from the RBI. Earlier, the transaction limit was decided by the RBI, but now RBI this authority has been given to the NPCI National Payments Corporation of India. Now, let us know what NPCI is. NPCI is a non-profit organization. It operates all the retail payment systems of India. It was established in 2008 under the Payment and Settlement Systems Act 2007 on the initiative of the Reserve Bank of India RBI, and the Indian Banks Association. The objective of NPCI is to create a strong, secure, and comprehensive payment infrastructure in the country. NPCI has developed and is managing many innovative payment solutions such as UPI Unified Payment Interface, Rupay Card, Bhim App, IMPS i.e. Immediate Payment Service, and AEPS Aadhaar Enabled Payment System. This organization is continuously working towards making digital payments fast, accessible, and affordable in India.
So now NPCI has the power to increase UPI transactions according to market demand, but RBI has made it clear that NPCI can only increase the limit of P2P transactions. There will be no change in P2P. This limit has been fixed at 1 lakh only. This means that the limit of personal payment you make to your friend, family, or anyone will still be 1 lakh only. But NPCI can change the limit for shopkeepers or any person from whom you are taking goods and services. The good thing is that banks have also been given a little freedom they can decide for themselves what should be the internal limit for their customers. But within the limit of NPCI, these banks will decide their limit. The information about how much it will be has not come yet. Guidelines are going to come out on this soon. Apart from this, the RBI is now going to review the guidelines for loans against gold as well. This means whether the loan is for household expenses or for starting a business, any type of loan will be given. Now common rules will be made for regulated entities so that everything is transparent and safe. A draft will be prepared on this soon.