UPI Payment Apps: If you are also using UPI Payment App, then there is very important news for you. Now preparations are on to ban UPI Payment. Discussions are on with the Reserve Bank of India to limit UPI payments on par with bank transactions. In today’s time, everyone uses online payment. From shopping for household items to bank transactions, everything happens online.
Most of the citizens are dependent on UPI payment. UPI payments are used for many transactions big and small in daily life. This has facilitated transactions. But UPI payments are likely to be put on hold soon.
UPI payment will be banned soon!
Unified Payments Interface ie UPI is a real time payment system. With this, money can be sent to each other through the mobile app in the bank account. With this, any user can link his bank account with multiple UPI apps and do transactions. Meanwhile, preparations are underway to set transaction limits for apps offering UPI payment services. The National Payments Corporation of India (NPCI) is set to limit the volume cap of Third Party App Providers (TPAP) in the country to 30 per cent. For this, talks are going on with the Reserve Bank of India (RBI). The volume cap is a tax exemption for certain types of private companies.
New rules will be implemented soon
The transaction limit for third party UPI payments may be fixed soon, the central government has taken initiative for this. According to media reports, the National Payments Corporation of India (NPCI) is in discussion with the RBI on a decision to limit the total transaction limit for third-party UPI payments to 30 percent. If the decision goes through, app payments like Google Pay and Phone Pay will be limited. The new rules are expected to come into effect by December 31, 2022.
Explain that currently there is no limit for UPI payments, so the usage of Google Pay and Phone Pay has increased to 80 percent. In November 2022, NPCI has asked for regulation to cap 30 per cent of transactions to prevent monopoly problem of third-party UPI payment apps. However, this rule is still under discussion with the Reserve Bank of India. Officials from NPCI, Ministry of Finance and Reserve Bank of India (RBI) have participated in these discussions. A decision in this regard is likely to be taken soon.
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Credit: bharat.republicworld.com /