5 mins
10 Sept 2024
What are the new UPI rules?
The NPCI’s new rules for UPI are focused on improving user experience and ensuring secure and transparent transactions. One of the key changes involves setting limits on transactions and daily payment amounts. For instance, NPCI has introduced a cap on the amount users can transfer in a single transaction and on a daily basis. This ensures that users do not exceed their account limits, preventing potential fraud. UPI is available on apps like Bajaj Finserv, to ease the payment process and you can check the payment limit on your account using Bajaj Pay.
Another important update relates to the security of UPI payments. Users will now need to authorise every transaction through a multi-step authentication process. This involves verifying transactions with a secure PIN, ensuring that only the authorised individual can complete the payment. Additionally, the new NPCI regulations require banks to ensure that UPI IDs are securely linked to bank accounts to prevent unauthorised access.
NPCI has also introduced a new "4-hour rule" for UPI. This rule mandates that if any issues arise during a transaction (such as transaction failure or delay in processing), the resolution must occur within a 4-hour window. This provides customers with enhanced service assurance, ensuring that they are not left waiting for too long to complete their transactions.
How to make the most of your UPI payments with Bajaj UPI
Bajaj Finserv BBPS (Bharat Bill Payment System) offers a seamless and secure platform for users to make UPI payments. Here are some tips on how you can optimise your UPI transactions:
1. Set a daily transaction limit: While NPCI sets general transaction caps, users can customise their limits within their bank or payment app. This provides extra security and control over spending.
2. Use multi-step authentication: Always ensure that your UPI ID is linked securely to your bank account. Make use of multi-step verification processes, such as biometric checks or OTPs, for an added layer of security. You can read more about how to create a UPI ID on the Bajaj Finserv platform.
3. Make payments via trusted platforms: Bajaj Finserv BBPS offers a user-friendly interface for UPI transactions. Through its secure portal, you can pay electricity bills, recharge services, or transfer money with just a few clicks.
4. Monitor transaction history: Regularly checking your UPI transaction history helps identify any suspicious activity. Bajaj Finserv’s UPI platform allows users to easily track their payment records, keeping everything in check.
5. Take advantage of the NPCI guidelines: Stay updated with the latest regulations issued by NPCI to ensure compliance with UPI’s evolving standards. For more detailed information about NPCI's guidelines, you can explore the NPCI link.
These steps ensure that users can make the most out of their UPI payments while following NPCI’s latest rules.
The new NPCI rules for UPI payments provide enhanced security, better transaction limits, and faster resolution for failed payments. By keeping these changes in mind and making use of secure platforms like Bajaj Pay, users can enjoy a seamless UPI experience. UPI continues to be a powerful tool for hassle-free payments in India, and with the new regulations in place, it ensures that customers have a more secure and efficient transaction environment. Staying updated with NPCI guidelines and optimising UPI usage through trusted platforms can greatly benefit users in managing their financial transactions with ease.
The NPCI’s new rules for UPI are focused on improving user experience and ensuring secure and transparent transactions. One of the key changes involves setting limits on transactions and daily payment amounts. For instance, NPCI has introduced a cap on the amount users can transfer in a single transaction and on a daily basis. This ensures that users do not exceed their account limits, preventing potential fraud. UPI is available on apps like Bajaj Finserv, to ease the payment process and you can check the payment limit on your account using Bajaj Pay.
Another important update relates to the security of UPI payments. Users will now need to authorise every transaction through a multi-step authentication process. This involves verifying transactions with a secure PIN, ensuring that only the authorised individual can complete the payment. Additionally, the new NPCI regulations require banks to ensure that UPI IDs are securely linked to bank accounts to prevent unauthorised access.
NPCI has also introduced a new "4-hour rule" for UPI. This rule mandates that if any issues arise during a transaction (such as transaction failure or delay in processing), the resolution must occur within a 4-hour window. This provides customers with enhanced service assurance, ensuring that they are not left waiting for too long to complete their transactions.
How to make the most of your UPI payments with Bajaj UPI
Bajaj Finserv BBPS (Bharat Bill Payment System) offers a seamless and secure platform for users to make UPI payments. Here are some tips on how you can optimise your UPI transactions:
1. Set a daily transaction limit: While NPCI sets general transaction caps, users can customise their limits within their bank or payment app. This provides extra security and control over spending.
2. Use multi-step authentication: Always ensure that your UPI ID is linked securely to your bank account. Make use of multi-step verification processes, such as biometric checks or OTPs, for an added layer of security. You can read more about how to create a UPI ID on the Bajaj Finserv platform.
3. Make payments via trusted platforms: Bajaj Finserv BBPS offers a user-friendly interface for UPI transactions. Through its secure portal, you can pay electricity bills, recharge services, or transfer money with just a few clicks.
4. Monitor transaction history: Regularly checking your UPI transaction history helps identify any suspicious activity. Bajaj Finserv’s UPI platform allows users to easily track their payment records, keeping everything in check.
5. Take advantage of the NPCI guidelines: Stay updated with the latest regulations issued by NPCI to ensure compliance with UPI’s evolving standards. For more detailed information about NPCI's guidelines, you can explore the NPCI link.
These steps ensure that users can make the most out of their UPI payments while following NPCI’s latest rules.
The new NPCI rules for UPI payments provide enhanced security, better transaction limits, and faster resolution for failed payments. By keeping these changes in mind and making use of secure platforms like Bajaj Pay, users can enjoy a seamless UPI experience. UPI continues to be a powerful tool for hassle-free payments in India, and with the new regulations in place, it ensures that customers have a more secure and efficient transaction environment. Staying updated with NPCI guidelines and optimising UPI usage through trusted platforms can greatly benefit users in managing their financial transactions with ease.
