The National Payments Corporation of India (NPCI) has announced that a new set of regulations on Unified Payment Interface (UPI) system will be in effect from August 1.
The new Application Programming Interface (API) usage rules for all banks and payment apps, including changes to AutoPay, and checking account balance will begin from the next month.
UPI users will only be able to check their account balance 50 times a day.
The objective, according to NPCI, is to make UPI more dependable, seamless, and less prone to disruptions, particularly during peak hours.
Changes in UPI AutoPay transactions
NPCI has introduced fixed time slots for autopay transactions via UPI. Rather than transactions being processed at random throughout the day, it will take place at specific time. These payments will include planned payments including auto payments, subscriptions, utility bills, or EMIs. Although it’s a behind-the-scenes change, it should help the platform run faster and reduce congestion throughout the day.
Businesses that depend on automatic UPI collections may need to adjust their schedules, but for the majority of users, whether they are paying for a subscription or a mobile recharge, everything will continue to operate normally.
The new restrictions are applicable to all users on all platforms, regardless of how frequently they use UPI. Users may not otice much of a difference, though, if they don’t frequently check their account balance or update payment status. The primary target audience for these updates are frequent users who inadvertently overload the system with requests.
© IE Online Media Services Pvt Ltd
