PhonePe and Google Pay users will not be able to make UPI payment by pressing.
New Delhi. India is creating new records every day in terms of making online payments. Google Pay and PhonePe are the largest UPI online payment platforms in India. Overall, about 80 percent of online UPI payments are made through these two platforms in India. However, soon those who do PhonePe and Google Pay are going to get a big shock. Actually transaction limit can be set on UPI payment apps like Google Pay, PhonePe, Paytm. Simply put, soon users will not be able to make unlimited UPI payments through UPI payment apps.
The decision can be implemented till December 31
In fact, the National Payments Corporation of India (NPCI), the body that oversees UPI transactions in India, can set a 30 percent transaction limit for UPI Payment in association with the Reserve Bank of India (RBI). If the report is to be believed, then the new rule can be implemented by NPCI till 31st December.
Ban on unlimited UPI payment
Please tell that at present there is no transaction limit set for UPI payment. That is, now you can make unlimited UPI payment. In November 2022, NPCI proposed a 30 percent UPI transaction cap for third party payment apps, which is likely to be approved. If reports are to be believed, a decision on 30 percent UPI transaction limit can be taken by December 31. In such a situation, after January 31, there may be a ban on unlimited UPI payment from PhonePe and Google Pay.
Such a proposal did not come for the first time
However, this is not the first time such a proposal has come up. Earlier in the year 2020 also, 30 percent UPI payment was proposed by NPCI.
Why is this decision being taken
Actually the UPI payment app is dominated by PhonePe and Google Pay. In such a situation, the government wants to provide a playing field to all UPI payment platforms.
