India Mirror News

NPCI Increases the Cap on Healthcare and Education at Rs. 5 Lakh and Modifies the UPI Transaction Limit

<p>The Reserve Bank of India (RBI) has decided to raise the Unified Payment Interface (UPI) transaction limit to Rs 5 lakh for healthcare and educational services. The National Payments Corporation of India (NPCI) has been informed to comply with this decision by January 10. With this new development, clients will be able to use UPI services to pay for their healthcare bills and school tuition, up to a maximum of Rs 5 lakh.</p>
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<p>The NPCI has instructed banks, payment service providers (PSPs), and UPI apps to comply and raise the transaction limit for these particular merchant categories—hospitals and educational institutions—in order to guarantee seamless operation. To be clear, only “verified merchants” would be eligible for the expansion of the payment ceiling from Rs 1 lakh to Rs 5 lakh, according to NPCI.</p>
<p>Under a circular published by the National Payments Corporation of India (NPCI), “Members (PSPs and banks), UPI apps, merchants, and other payment providers are requested to make the necessary changes.” It is expected of members to guarantee compliance by January 10, 2024. With the higher limit, merchants must allow UPI as a payment option. Currently, the National Payments Council of India (NPCI) has fixed the daily limit for UPI transactions at Rs 1 lakh.</p>
<p>These modifications were disclosed by the Reserve Bank of India (RBI) at the most recent Monetary Policy Committee (MPC) meeting. It has been suggested that apps like as Paytm, Google Pay, and PhonePe, along with other comparable services offered by the banks, adhere to this.</p>
<p>Concurrently, an increasing number of consumers are choosing UPI-based transactions. Its popularity has grown to the point that it surpassed the Rs 100 billion milestone in 2023. Over the course of the year, 118 billion transactions were made. According to statistics released by NPCI, there has been a 60% rise from the 74 billion transactions that were registered in 2022. The entire recorded value of UPI transactions was Rs 126 lakh crore in 2022, while it was reported to reach Rs 182 lakh crore in 2023.</p>

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