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NAtional Payments corp of republic of india is go under to implement a serial of changes in rules related to to how UPI apps like Google Pay, PayTM Phone Pay work from August 1. For customers who use UPI apps multiple times a day, these rules can be significant. It pertains to features like balance checks, autopay requests, payment failures and linked account verifications.Limit on checking balanceThe news rules introduced by NPCI put a limit on the number of times users can check their balance to only 50 times a day for each app. The restriction has been issued to reduce the load during peak hours. Along with this, banks are also required to add a balance to every financial transaction by the user.Auto payment during fixed hoursRecurring payments and auto transactions on UPI like EMIs, SIP, or OTT subscription will be processed only during fixed hours before 10 am, 1-5 pm and after 9:30 pm. This means if your payment is due at 11 am, it might get deducted earlier or later. This is done to avoid processing the autopay in peak hours, which are 10:00 am to 3:00 pm and from 5:00 pm to 9:30 pm. Moreover, while executing the autopay mandate, there will be retries after which the autopay might not get deducted.Limited tries to access bank detailsFrom next month, users will only be able to retrieve information linked to their mobile number 25 times a day. Through this, customers can see the list of accounts linked to their mobile. These requests are to be initiated only once the customer has selected the issuer's bank in the UPI apps.Quick update of transaction statusDuring the peak hours, users often face issues related to transactions, like the money being debited and the other side not receiving it. From now on, the UPI app will have to show the actual payment status of a transaction within seconds instead of showing pending or processing. The user will have only 3 chances to check the status with a 90-second wait between the checks.Recipient name in every transactionEvery time a user sends money via UPI, they will be able to see the registered name of the recipient before making the transaction.These changes, though not major, are being made to reduce the pressure on UPI apps during the peak hours and to increase the efficiency of online payments so more users adopt it.

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New UPI Rules set in from August 1: Balance checks, autopay and more | Details

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