Big change in UPI 123Pay rules from January 1, transaction limit doubled

From January 1, 2025, not only the calendar will change, but many rules are also going to change. In particular, a major change has been made in the rules for making payments through UPI 123Pay. The Reserve Bank of India (RBI) has decided to increase the transaction limit of UPI 123Pay. Now in one go through UPI 123Pay Rs 10,000 Transactions up to Rs. can be done, which is earlier Rs 5,000 Was in the range of.

UPI 123Pay: Option without internet payment

UPI 123Pay is a facility that allows users to make digital payments even without an internet connection.

• New rules:
  • From January 1, 2025, the transaction limit will be increased from Rs 5,000 to Rs 10,000.
• RBI’s efforts:
  • RBI is continuously making improvements to make digital payments reach every section of the society.
  • This change will make digital payments easier in small towns and villages.

4 methods of payment in UPI 123Pay

In UPI 123Pay, users get four options for payment:

1. IVR Number (Interactive Voice Response):
   • Verify UPI ID by calling IVR numbers (080-45163666, 08045163581 and 6366200200).
   • Follow the instructions and complete the payment.
2. missed calls:
   • The payment process can be started by giving a missed call from the registered number.
3. OEM-embedded Apps:
   • Transactions are possible through special mobile apps.
4. Sound Based Technology:
   • This technology makes payments easier by using sound waves.

UPI 123Pay: A boon for feature phone users

UPI 123Pay is designed for feature phone users who do not have an internet connection.

• Advantages:
  • around in india 4 crore feature phone users Who will benefit from this service.
  • This facility is proving to be very useful for small traders and users in rural areas.

Introduction and expansion of UPI 123Pay

• Launch:
  • UPI 123Pay service was launched in March 2022.
• Expansion:
  • The popularity of UPI is increasing rapidly and it has reached small towns and villages of India.
  • UPI service has been started in many other countries including Sri Lanka, due to which the impact of India’s digital payment system is increasing globally.

Digital payments will gain momentum in the new year

Changes made in the rules of UPI 123Pay have made digital payments easier.

• Efforts of Government and RBI:
  • Doubling the transaction limit is an important step towards further widespread digital payments.
  • Small traders and users in rural areas will especially benefit from this.