New transaction limit of UPI 123Pay applicable from January 1, 2025, know changes and facilities

From 1 January 2025 UPI (Unified Payments Interface) There is going to be a big change in the rules. Reserve Bank of India (RBI) UPI 123Pay It has been decided to increase the transaction limit of Rs. Under the new rules, users can now pay through UPI 123Pay Transactions up to Rs 10,000 will be able to do, which first Rs 5,000 Was limited to. This step has been taken especially keeping in mind the users making payments without internet connection.

UPI 123Pay: Option for payment without internet

UPI 123Pay is a service that allows users to make digital payments without an internet connection. This feature is especially useful for those who use feature phones instead of smartphones.

When was UPI 123Pay launched?

• this service March 2022 Was launched in.
• Its objective was to promote digital payments in small towns and rural areas.
• At present, in India approximately 4 crore feature phone users who can avail this service.

UPI 123Pay: New limits and benefits

new changes

• First, through UPI 123Pay, maximum Rs 5,000 Transaction could be done.
• Now, user Transactions up to Rs 10,000 Will be able to do.
• This limit will be applicable from January 1, 2025.

advantages

1. More convenience to small traders and rural users.
2. Ability to conduct large transactions without internet.
3. Increase in awareness and usage of digital payments.

Four major options of UPI 123Pay

UPI 123Pay users four payment options Provides through which transactions can be made:

1. IVR Number:
   • By calling IVR (Interactive Voice Response) number.
   • Example: 080-45163666, 08045163581, 6366200200,
   • Follow the instructions given on the call and make the payment by verifying the UPI ID.
2. missed calls:
   • Start the payment process by giving a missed call from the registered number.
3. OEM-Embedded Apps:
   • Apps designed specifically for feature phones.
4. Sound Based Technology:
   • Option to make payment through voice command.

International expansion of UPI

Expansion to other countries including Sri Lanka

UPI service not only in India, but Sri Lanka And it has started in other countries also. Indian digital payment systems are becoming increasingly popular globally.

UPI and rural economy

• UPI has gained a strong hold as an alternative to cash in small towns and villages.
• The new changes will make digital transactions more simple and widespread.

Objectives and Initiatives of RBI

UPI 123Pay’s goal

• To extend digital payments to areas where internet availability is limited.
• Making feature phone users part of digital payments.

Step towards Digital India

The decision by RBI to increase the UPI transaction limit is another step towards strengthening Digital India. This will not only provide convenience to the users, but will also boost small traders and rural economy.