New Delhi: As part of your daily activities, if you send money to people using mobile payments, pay for groceries, milk, or utilize payment applications for other financial activities, then this news matters for you. Today, National Payments Corporation of India (NPCI) has taken major steps to modify the Unified Payments Interface (UPI) system. Payment is done through financial app through this UPI. These changes have been implemented across the country from today.What is different?Your spouse calls you and asks you to send 5,000 rupees right away. It hits you that you need to check your bank balance,” you think, “do I have that much cash available in my bank account?” You fire up your UPI app and check the balance. It was a habit to check balance frequently, but now there is a limit of 50 times a day. It does not stop here. You can no longer check the transaction history of your bank account more than 25 times a day. Officials argue that there are customers who use to check balance via UPI for fun and congested the system, causing delays for other customers. Changes are being made for that reason.Changes in the rules of autopayThere is a new noteworthy change concerning autopay as of today. Whether we are talking about your home, car, or personal loan, and even SIPs from Mutual funds as well as subscriptions from Over The Top Platforms (OTTs), their transaction timing has changed. Now for these items, monthly scheduled transfers will only be done before 10 am or after 9:30 pm.What happens if the transaction does not go through?There is a crucial adjustment for UPI related to transactions also. If your UPI payment does not go through or fails, there is a limit set to know the status of the payment. Now, you can check the status only thrice. You cannot simply check endlessly, there will be a rule that will require a wait of 90 seconds in between every attempt. This change has also been done in the name of reducing the burden on UPI servers.Check the name of the person you are sending money toThe recipient's name is visible immediately now which is the notable update in the policies of UPI. The benefits of this are immense. The disadvantage of this is that in case you have mistyped the address or number while sending the money, you will not be able to do damage control. You will confirm that the funds are going to the right person, not erroneously sent to some stranger.
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