The Unified Payment Interface (UPI) is going to have several changes from August 1. These new changes will affect users, traders and banks. The Regulatory Authority of UPI, National Payment Corporation of India (NPCI), is going to announce several regulatory changes in this digital payment platform used mainly in the country. The new changes are likely to make UPI more user-friendly, its reliability, spontaneity and especially free from disruption during busy times.

These changes have come after the major obstacles in UPI after April 12 and March 26, which took place in a gap of just 2-3 months. Significantly, these obstacles affected crores of users as they disrupted crores of rupees. According to the recent notes of the International Monetary Fund (IMF), “Growing Retail Digital Payments: The Value of Interpreting”, India’s UPI has emerged as a global leader in the Real-Time Payment Technology sector. UPI has surpassed the visa, which symbolizes its dominance among other payment systems of the world. The IMF further stated that UPI operates about 85 percent of India’s digital payments, while its contribution to global payments is about 60 percent.

The UPI users will now be able to see their account balance at a maximum of 50 times per day, whereas earlier this limit was unlimited.

NPCI has also set a fixed time-limit for UPI Autope transaction. Payments including subscription, EMI and utility bills will no longer be processed at irregular time throughout the day. These will be done only during the scheduled time limit.

These changes will not directly affect customers as their auto-payments will continue to be processed normally.