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For all the Unified Payments Interface (UPI) users, there are several changes the service undergoes effective from August 1. These changes will not just impact banks and merchants, but also the users.
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From next month, updated API guidelines will apply to all banks and payment apps, impacting functions like AutoPay and balance inquiries.
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The National Payments Corporation of India (NPCI), the regulating authority of UPI, has announced a set of regulatory changes in the predominant digital payment system.
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These updates are designed to make UPI more stable, efficient, and resilient to breakdowns, particularly when usage is at its highest.
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UPI AutoPay transactions will now follow fixed time slots, as per new NPCI guidelines.
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Payments such as subscriptions, EMIs, and utility bills will now be processed at scheduled intervals rather than randomly throughout the day.
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Though the change is in the background, it's expected to enhance platform speed and reduce congestion.
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One of the crucial changes is that the users can now check their account balance only up to 50 times a day, down from the current unlimited access.
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Meanwhile, NPCI has also set fixed time slots for UPI autopay transactions. Instead of being processed randomly during the day, payments like subscriptions, EMIs and utility bills will now be executed at specific times.
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As per the IMF report titled Growing Retail Digital Payments: The Value of Interoperability, India’s digital payment system, UPI, has surpassed VISA and has emerged as the world’s leading real-time payment system. According to the IMF, UPI drives 85 per cent of digital payments within India and contributed to almost 60 per cent of digital transactions across the globe.