RBI New Rule / Rules will change for UPI apps like Google Pay, PhonePe, RBI's gift in the new year

RBI New Rule: The new year will bring many new features and changes for those using UPI. The Reserve Bank of India (RBI) has announced major changes in the rules of UPI payments from January 1, 2025. The aim of these changes is to make digital payments more easy and convenient. Especially the improvements made in services like UPI123Pay and UPI Circle will give more convenience to the users. Let us know about these new changes and features in detail.

UPI123Pay: Limit doubled

UPI123Pay, which provides UPI payment facility for feature phone users, has increased its transaction limit.

Earlier, a maximum of Rs 5,000 could be paid in a day through UPI123Pay.

Under the new rule, this limit has been increased to Rs 10,000.

This change will be effective from January 1, 2025.

This move will give feature phone users more flexibility and they will be able to make large payments easily.

Smartphone UPI apps: Change in transaction limit

For users who have UPI accounts on smartphone apps like PhonePe, Paytm, Google Pay, there has been no major change in the daily transaction limit.

At present, a maximum of Rs 1 lakh can be transacted in a day.

However, this limit has been increased to Rs 5 lakh for medical emergency or other emergencies.

This decision has been taken to make digital payments more effective and useful during emergency needs.

UPI Circle: Special feature of the new year

UPI Circle, which was launched this year, will now be available on other UPI platforms in the new year.

This feature was currently available only on the BHIM app.

Under UPI Circle, primary users can add their family members or friends to the circle.

The added secondary users can make UPI payments even without a bank account.

Approval of the primary user will be required for every payment.

If the primary user wishes, he can set a limit for transactions without approval for secondary users.

This feature will be especially useful for those users who do not have their own bank account but want to use digital payments.

Purpose of new changes

The aim of all these changes is to make the UPI system more inclusive and user-friendly.

Increasing payment convenience for feature phone users.

Allowing large amount transfer in emergencies.

Shared payment experience with family and friends through UPI Circle.

Conclusion

These changes, which will come into effect from January 1, 2025, can bring a new revolution in the digital payment system. This move of RBI will make India stronger in digital transactions and provide affordable, simple and accessible services to the users. If you use UPI, get ready to take advantage of these new features.