What did NPCI say?

NPCI’s international branch NPCI International Payments Limited (NIPL) said in a press release that now more banks have joined the UPI-PayNow real time payment service, making cross border remittance between India and Singapore even easier and faster. This service will start from July 17, 2025.

 What is UPI-Pay Now?

UPI-Pay Now service is a joint initiative of Reserve Bank of India (RBI) and MAS (Monetary Authority of Singapore) of Singapore. It is a real-time money transfer facility, through which people of India and Singapore can send money to each other through mobile number or UPI ID / Virtual Payment Address (VPA). This is the world’s first cloud-based real time cross border payment system, and it is being considered a big step towards strengthening global payment connectivity.

According to the press release:

• Now users of both countries can easily send money to each other.
• UPI-PayNow integration makes cross border money transactions easier and faster, with money reaching the receiver’s account within seconds.
• This service is completely safe and reliable.
• This is especially great for those who send small and frequent amounts of money.

Which banks are now connected with this facility?

Now a total of 19 banks are connected with this service which includes: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, UCO Bank, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India.

How to send money through UPI-PayNow?

The press release also explains how to use the UPI-PayNow linkage to send money cross border. Let’s know about it…

How to receive money in India? :

Recipients in India can receive the money sent from Singapore in their accounts in any of these 19 banks through any of their UPI enabled apps like BHIM, Google Pay and PhonePe, and bank apps. That is, the recipient must have an account in one of these 19 banks.

How to send money from India to Singapore? 

Remittances from India to Singapore can be made through Canara Bank, HDFC Bank and Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.

This service is very good for the workers and students belonging to the expatriate community of India.

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According to NPCI, after the new change, the response time of UPI transactions will be reduced. According to the information given, the time taken to check the status of the transaction and reverse the payment will be reduced from 30 seconds to just 10 seconds. With this change, the process of sending and receiving money through UPI will become faster and smoother than ever.

Payment will be done in just 15 seconds

According to NPCI, the response time of Request Pay and Response Pay service will be reduced from 30 seconds to 15 seconds. Also, the time required to verify an address will be reduced from 15 seconds to 10 seconds. These updates are aimed at ensuring that UPI transactions are completed faster. NPCI has asked banks and payment service providers (PSPs) to update their systems to comply with the new timings.

There was trouble 3 times in 15 days

This update comes after the problems in UPI transactions in April. UPI transactions across the country were badly disrupted on April 12, which was the third incident in less than a fortnight. Earlier, there were problems in UPI transactions on March 26 and April 2. After this, Finance Minister Nirmala Sitharaman had directed all the concerned parties to work together to remove the shortcomings of the infrastructure, improve the end user experience and cyber security framework. Unified Payments Interface (UPI) is an instant payment system developed by NPCI, an entity regulated by the RBI.

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For this reason, people have adopted this payment system on a large scale in the country and in a very short time. You can easily send payment to someone’s account with the help of UPI on various applications. Not only this, UPI is also being used for bill payments, recharge, online shopping, and even small transactions. Apart from this, it has also played a big role in strengthening the Digital India campaign.

However, cases of fraud related to UPI keep coming up regularly. If you are also using UPI, then you must keep some things in mind, otherwise your slightest negligence can cause big losses.

If you are using UPI, do not share its PIN with anyone else. Also, do not write the UPI PIN on the phone cover or anywhere else. By doing this, you can become a victim of fraud.

Do not make payment by clicking on any unknown link. Many such cases come to light in which cyber thugs send unknown links to people and ask them to enter UPI PIN by clicking on it. According to them, by doing this money will come into the account of the concerned person. This is a fraud.

By doing this, all the money from your account can reach the account of the cyber thug. You should know that UPI PIN is entered only when money has to be sent to someone’s account. For this reason, you should not enter UPI PIN by clicking on any unknown link.

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In a circular issued on Tuesday, NPCI said, “Taking into consideration various factors, the timeline for compliance of volume limits for existing Third Party App Providers (TPAPs) has been extended by two years i.e. till December 2026. These are TPAPs whose market is more than the limit.”

NPCI had initially proposed a 30 per cent cap on the volume of transactions that can be processed by UPI apps in November 2020. For this, existing entities were given time to comply with the volume limit in 2 years. Currently, major TPAPs like Google Pay and PhonePe have more than 80 per cent share in UPI transactions.

According to NPCI, the 30 per cent cap will be calculated based on the total volume of transactions processed continuously in UPI during the last three months. To achieve 30 per cent market share, players who have more than 30 per cent market share in UPI transactions will have to stop adding new customers.

What is UPI?

Let us tell you that UPI is a real time payment system, which can transfer money to a bank account instantly through a mobile app. Through UPI, you can link one bank account to many UPI apps. At the same time, many bank accounts can be operated through one UPI app. The special thing is that UPI gives you the facility to transfer money even if you have only one information out of scanner, mobile number, UPI ID.

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NPCI had issued circular

According to the news, the NPCI circular dated October 31, 2023 states that all members are requested to take note of this and start and accept fund transfers through mobile number + bank name on all IMPS channels by January 31, 2024. Comply with. Banks will also provide the option to successfully add valid mobile number and bank name combination as payee/beneficiary on mobile banking and internet banking channels, the circular said.

IMPS

In online money transfer, a large number of fund transfers are done through IMPS. It is a vital payment system that provides 24×7 instant domestic money transfer facility and is accessible through various channels like Internet Banking, Mobile Banking App, Bank Branches, ATM, SMS and IVRS. Currently IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer mode.

For multiple accounts linked to mobile number

As per NPCI circular, for multiple accounts linked to a mobile number, the beneficiary bank will credit the primary/default account. The primary/default account will be identified using customer consent. If the customer’s consent is not provided, the bank will decline the transaction.

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The Reserve Bank of India (RBI) had directed last month that payments up to Rs 5 lakh can now be made in hospitals and education services. Earlier, people had to face problems regarding UPI payment in these sectors. NPCI has ordered banks, payment service providers and UPI applications to increase the limit.

Earlier the UPI limit was Rs 1 lakh, which has now been increased to Rs 5 lakh. This limit will be applicable only on verified merchants. In such a situation, it is necessary for merchants to introduce UPI as a payment mode. Whereas the one day limit of UPI has been fixed at Rs 1 lakh.

In the Monetary Policy Committee held in the month of December, RBI has increased the UPI limit to Rs 5 lakh. This facility will also be available on all supporting apps of UPI like Paytm, Google Pay, PhonePe apps. This facility will be provided to customers in all banks also.

UPI transaction boom

There has been a rise in UPI payments in the country. By the year 2023 it will cross 100 billion. According to the data released by NPCI, about 126 crore UPI payments were made in the year 2022. At the same time, last year in 2023, its numbers have registered an increase of 60 percent.

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However, there is no need for everyone to panic about this. Instructions have been given to close such UPI from which no transaction has been done in the last one year. NPCI has also asked users to send notification through email or message before closing UPI.

NPCI has said that it hopes that this action will increase the security of UPI transactions. Apart from this, many wrong transactions can be stopped. As per the instructions issued by NPCI, all applications and banks will henceforth validate the UPI ID and linked mobile number of inactive customers. UPI ID will be closed if there is neither credit nor debit in a year.

This action is being taken because NPCI has received many complaints of wrong transactions. People often change their mobile number but forget to update the UPI ID that comes with it, which is one of the major reasons for this. This number has been given to someone else and UPI is still active there. This will ensure that only the person whose number is getting the money. Many such cases have come to light due to which NPCI is now taking this step.

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NPCI has issued a circular to Google Pay, Paytm and Phone Pay saying that those UPI IDs have not been activated for a year. This means that the users have not transacted with any of their UPI ID for a year. His ID should be closed after December 31, 2023.

Let us tell you that NPCI is a non-profit organization, which is India’s retail payment and settlement system. That means apps like PhonePe, Google Pay and Paytm work on its guidelines. Also, in case of any dispute, NPCI acts as its mediator.

Know what are the rules?

According to the NPCI circular, keeping in mind the security of the users, instructions have been given to close the UPI ID which is not used for 1 year. Actually, many times users create a new ID without delinking their old number. Due to this people can become victims of fraud. In such a situation, instructions have been given by NPCI to close the old ID.

At the same time, the old number of the user can be issued to someone else. This may increase the possibility of fraud. This is the reason why the decision has been taken to close Purani Ko ID.

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National Payments Corporation of India (NPCI) has directed all banks and third party apps to block those IDs in which no transaction has been done for one year. For this, NPCI has given time till 31st December. Therefore, in any case, activate your UPI ID before this date. The bank will also send a notification to the users through email or message before deactivating the UPI ID. With this step of NPCI, UPI transactions will become more secure than before. Besides, wrong transactions will also be stopped.

What does the new guideline say?

According to the new guidelines of NPCI, all third party apps and PSP banks will verify the UPI ID and the mobile number associated with it of inactive customers. If any kind of credit or debit has not been done from this ID for one year, then it will be closed.

From the new year, customers will not be able to transact with these IDs. NPCI has given time till December 31 to banks and third party apps to identify such UPI IDs. Through these new guidelines, NPCI wants to ensure that money is not transferred to the wrong person nor is it misused. Many such cases have come to light in recent times.

Difficulty comes with changing mobile number

Many times people change their mobile number and forget to deactivate the UPI ID associated with it. Due to the number being switched off for several days, it gets accessed by someone else. But, only the old UPI ID remains linked to this number. In such a situation, the possibility of wrong transaction increases manifold.

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The organization that operates UPI has directed third party apps like PhonePe and Google Pay and banks to close such UPI IDs in which no transaction has taken place for a year. Before doing this, users have also been asked to send notification through email or message. NPCI has given time till 31st December for this.

With this step of NPCI, UPI transactions are expected to become more secure. Apart from this, many wrong transactions will also be stopped. After the instructions, now all the apps and banks will verify the UPI ID of inactive customers and the mobile number associated with it. If there is no credit or debit within 1 year, the UPI ID will be closed.

There will be a reduction in wrong transactions.

If no transaction has been made using this ID for a year, it will be stopped. From the new year, customers will not be able to transact with these IDs. NPCI has received many complaints of wrong transactions, in view of which this step is being taken.

Many times it happens that people change their mobile number and do not switch the UPID associated with it. Someone else gets this number and the UPID remains activated there. In such a situation, if someone sends money to that number, it will be received by the person who now has that number.

What is UPI?

Full form of UPI is Unified Payment Interface (UPI). This is a unique method of instant online payment. NPCI is the creator and operator of UPI. You can use it by generating UPI ID on Bhim, Google Pay, Phone Pay or any bank’s app. There is no additional charge to use UPI.

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In such a situation, the National Payments Corporation of India (NPCI), which now operates UPI, has said in a circular issued on March 24, 2023, that Prepaid Payment Prepaid Instrument (PPI) fees will be implemented on merchant transactions from UPI. According to this notification, if a person transfers money of more than Rs 2,000 to merchants through prepaid payment prepaid instrument like mobile wallet, then in such a situation he will have to pay interchange fee. The thing to note is that the card and wallet comes under PPI.

How much will be the interchange fee

According to the report published in the Economic Times, this interchange fee will be charged only on transactions above Rs 2,000 in the circular of NPCI. This fee will generally total 1.1 per cent of the amount exceeding Rs 2,000. Significantly, NPCI has fixed different interchange fees for different regions. The lowest interchange fee will be charged in agriculture and telecom sector. This charge will have to be paid only to the users who make payments to merchant transactions.

Who will not be charged interchange fee

According to the circular of the National Payments Corporation (NPCI), no charges will be levied on peer-to-peer (P2P) and peer-to-peer-merchant (P2PM) transactions between bank accounts and PPI wallets. After implementing this new rule from April 1, NPCI will review it before September 30, 2023.

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Under this, there will be no cheque payment without verification. As per the rules, failing which the cheque will be returned. This new rule of cheque payment will be effective from 5th of next month. Earlier, under the positive pay system, the limit was Rs 10 lakh and above.

After this, if the customer issues a cheque of Rs 10 lakh or more through branch or digital channel, then PPS confirmation will be mandatory. Customers will have to provide account number, cheque number, cheque alpha, cheque date, cheque amount and beneficiary name. Let us know what it is and how you can use it.

What is Positive Pay System?

PPS is a mechanism created by the National Payments Corporation of India (NPCI), for which bank customers have to give information about the cheques being issued by them to the bank where they have a savings account. This information has to be shared before the cheque is presented for clearance. Be aware that cheque information can be presented in many ways.

How to avail PPS for PNB Cheque?

Positive Pay system can be used by giving cheque details through Branch Office, Online Banking, Mobile Banking (PNB ONE), or SMS Banking. In this context, PNB said that information has to be given one day before the date of presentation of the cheque.

How PPS will prevent fraud

Under PPS, the issuer of the cheque will have to give the details of the cheque to the bank through SMS, mobile app, net banking or ATM. When the cheque reaches the bank, the information given by the account holder will be verified. If any discrepancy is found during this, the cheque will be rejected. Punjab National Bank has said that the cheque will be returned if there is no PPS confirmation.

How to share cheque details for verification under PPS?

1. Log in to PNB Net Banking.
2. Click on the ‘Positive Pay System’ tab under Value Added Services.
3. Select Account Number from the drop down menu.
4. After this the customer has to submit the six digit cheque number, cheque alpha (3 character), cheque date, cheque amount and beneficiary name.
5. Enter the password for the transaction and click on the submit tab.
6. If details are to be given through SMS, account number, cheque number, cheque alpha, cheque amount, date of cheque have to be given.

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With the help of the feature, real time transactions can be done more quickly in one click through boxes. The bank aims to promote the trend of digital payments across the country.

NPCI made feature

UPI Lite has been designed by the National Payments Corporation of India (NPCI). This app was launched by the Reserve Bank of India i.e. RBI in September 2022. This also improves the bank passbook of small value transactions, as these payments will be visible only in the Paytm balance and history section. These will not be present in the bank passbook.

The bank has started this as part of its steps taken to increase innovation. He says that he is the first Payments Bank, which has launched such UPI Lite feature. The company said in a press release that once loaded, the UPI Lite wallet will allow users to make instant transactions of up to Rs 200, making the entire experience fast and seamless. The company said that a maximum of Rs 2,000 can be added to UPI Lite twice in a day. With this, a person will be able to use up to Rs 4,000 daily.

Transaction will also become more secure

NPCI COO Praveena Rai said that we are very excited to launch UPI Lite on Paytm Payments Bank. He said that in UPI Lite, users will get a faster, safer and seamless low-value transaction experience. He further said that more than 50 per cent transactions through UPI are of less than Rs 200. So UPI Lite will better authorize low value transactions. They will be separated from core banking.

Rai told that this will improve the success rate of the transaction. With this, the user experience will improve and it will take one step closer to processing one billion transactions on the UPI platform.

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Now Paytm users can make payments to any third party through UPI. This facility will enable Paytm users to make superfast and seamless fund transfers to any mobile number. Especially on UPI registered mobile numbers which are not registered with Paytm.

As per the notification, Paytm Payments Bank has announced that Paytm app users will now be able to do UPI transactions on any mobile number across all UPI payment apps. Even if the person to whom the money is being sent does not use Paytm. With this, Paytm app users can send and receive money from any mobile number with a UPI ID registered in the instant payment app.

National Payments Corporation of India (NPCI) has enabled all payment service providers to access its universal database and make UPI payments interoperable. A spokesperson for Paytm Payments Bank said, “UPI will enable sending money on the app, encouraging wider adoption. We empower users with a robust infrastructure for seamless and secure payments. further strengthens our mission to promote inclusion.”

This is how you can send money to UPI apps

Step 1:In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’.

Step 2:Tap on ‘Enter mobile number of any UPI app’ and enter the mobile number of the recipient

Step 3:Enter the amount and tap ‘Pay Now’ for instant transfer of funds.

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A UPI PIN (a four or six digit number set by the user) is required to authorize any transaction through the payment app. Users will have to set the PIN while linking their bank accounts with UPI apps including PhonePe, Paytm and Google Pay.

Your UPI PIN has been compromised?

You can reset the UPI PIN using UPI apps including Google Pay, BHIM and PhonePe. Users can select a bank account on the Google Pay app and select ‘Forgot UPI PIN’ to reset. But they may have to enter their debit card details. However, unlike the first time, users can modify their UPI PIN without entering their debit card details on Paytm with their previous PIN.

How to change your UPI PIN on Paytm:

• Step 1: Open Paytm App and Click on Profile Icon.
• Step 2: Select ‘UPI & Payment Settings’ which will direct you to the payment settings.
• Step 3: Open the ‘UPI & Linked Bank Accounts’ menu.
• Step 4: Select the bank account and tap on the text ‘Change PIN’.
• Step 5: Click on “I remember my old UPI PIN” option and enter the PIN.
• Step 6: Now set a new PIN and confirm the change.

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RuPay Credit Card is operational for the last four years, and is linked to all major bank and is issuing incremental cards for both commercial and retail sectors. “During credit card on-boarding on the Apps, device binding and UPI PIN setting process shall be included as customer consent to enable the credit card for all types of transactions,” the circular issued on October 4 said. will be considered.’

The National Payments Corporation of India (NPCI) said in the circular that the existing process of the app to enable international transactions will be applicable to credit cards as well. It is noted that Nil Merchant Discount Rate (MDR) for this category will be applicable up to transaction amount less than and equal to Rs.2,000.

MDR is the cost paid by a merchant to a bank for accepting payments from its customers via credit or debit cards, whenever the card is used for payment in their stores. The merchant discount rate is expressed as a percentage of the transaction amount. It was informed that this circular is in force from the date of issue and members are requested to take note of the contents of this circular and bring it to the notice of the concerned stakeholders.

As per the circular, the UPI app will ensure complete transparency on the transactions made by the customer using the credit card through easily accessible transaction history and clearly visible user interface while making the payment.

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