Google Pay, Paytm and PhonePe to take steps to disable inactive UPI IDs if...
The daily transaction limit for UPI transactions has been reset to Rs 1 lakh.
In an effort to avoid misuse of the UPI feature, NPCI has decided to deactivate UPI IDs and linked mobile numbers that haven’t been used for transactions for over 12 months.
NPCI has asked payment apps including Google Pay, Paytm and PhonePe to take steps to disable inactive UPI IDs.
According to media reports, a four-hour time limit for the first payment exceeds Rs 2,000 between users who haven’t transacted before to reduce the growing cases of online payment fraud.
The concept: ATMs that provide QR codes for customers to scan and withdraw money from their accounts. RBI will give a go-ahead to the project soon. News18 said.
An interchange fee of 1.1% will be applicable for merchant UPI transactions exceeding Rs 2,000 conducted through prepaid payment instruments (PPI) such as online wallets. | PTI