Alert for those doing digital transactions, limit can be imposed on such UPI transactions

NPCI has set a deadline of December 31 to implement this decision. There is no transaction limit at this time.

If you do digital transactions, then there is big news for you.

If you do digital transactions, then there is big news for you. The National Payments Corporation of India (NPCI) is in talks with the Reserve Bank of India on a decision to cap the total transaction limit for UPI payment service run by Third Party App Providers (TPAP) to 30 per cent. NPCI has set a deadline of December 31 to implement this decision. There is no transaction limit at this time. In such a situation, the market share of two companies Google Pay and PhonePe has increased to about 80 percent.

Offered in November last year

NPCI had proposed in November 2022 to fix a 30 per cent transaction limit for Third Party App Providers (TPAP) to avoid the risk of monopoly. According to the PTI report, sources in this regard said that a meeting was called to comprehensively consider all aspects. Apart from the officials of NPCI, senior officials of Finance Ministry and RBI also participated in this meeting.

According to the report, sources said that at present NPCI is evaluating all possibilities and no final decision has been taken on extending the deadline of December 31. He said that NPCI has received requests from industry stakeholders to extend the deadline and the same are being examined. According to sources, NPCI may take a decision on the issue of implementing UPI market cap by the end of this month.

Apart from this, let us tell you that you can use Unified Payment Interface ie UPI facility even without internet. You can also pay your mobile bill through UPI without internet connection. You can do this with the help of 123PAY UPI service. National Payments Corporation (NPCI) has recently announced that 123PAY power bill payment service will now be available for more than 70 electricity boards. With the use of 123PAY service and Bharat Bill Payment System (BBPS), customers will be able to pay their electricity bills quickly and easily. Electricity bill can be paid directly from bank accounts.

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