The UPI was updated in 2024 to improve online banking and payments. The National Payments Corporation of India (NPCI) ordered payment apps to remove dormant UPI IDs and introduced ‘UPI for Secondary Market’ in Beta. Certification is underway for other stakeholders.
Unified Payments Interface (UPI) made some adjustments in 2024 to improve online banking and payment transactions.
The National Payments Corporation of India (NPCI) has ordered payment apps to deactivate UPI IDs dormant for over a year.
The NPCI also launched ‘UPI for Secondary Market’ in beta.
HDFC Bank used NPCI’s UPI payments app for ‘UPI for secondary market’ transactions.
Investors can freeze monies in their bank accounts during this experiment, and the Clearing Corporations will only debit them upon trade confirmation and settlement. This Beta launch is supported by Groww, the brokerage app, BHIM, and YES PAY NEXT, the UPI apps.
This service will first be available to HDFC and ICICI Bank clients.
Stockbrokers Zerodha, customer banks Axis Bank and Yes Bank, and UPI-enabled apps Paytm and PhonePe are undergoing certification and will join the Beta launch.
The RBI has enhanced the UPI transaction limit for hospitals and schools from Rs 1 lakh to Rs 5 lakh. The RBI wants to roll out UPI ATMs nationally, allowing QR code-based cash withdrawals.
Hitachi Payment Services and NPCI launched ‘the country’s first-ever UPI-ATM’ as a White Label ATM (WLA).
The RBI suggests a 4-hour limit for first payments over Rs 2,000 to new receivers.
Conclusion
The UPI was updated in 2024 to improve online banking and payments. The National Payments Corporation of India (NPCI) ordered payment apps to remove dormant UPI IDs and introduced ‘UPI for Secondary Market’ in Beta. ICICI Bank and HDFC Bank clients can use it. Stockbrokers, customer banks, and UPI-enabled apps are also going through certification. The RBI increased hospital and educational UPI transaction limits and planned national UPI ATMs.
