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Transactions via the Unified Payments Interface (UPI) touched a record high of 19.47 billion in July. The transaction value stood at Rs 25.08 lakh crore, the second-highest ever recorded, according to data released by the National Payments Corporation of India (NPCI).
The surge comes amid the NPCI’s rollout of new UPI usage rules from August 1. It aims at reducing system overload, improving reliability, and curbing misuse.
In comparison, UPI clocked 18.67 billion transactions in May and slightly dipped to 18.39 billion in June. July’s value growth represents a 4.3 percent increase month-on-month and 21 percent growth year-on-year.
NPCI said the growing adoption of UPI by local vendors, small businesses, and last-mile users signals a shift away from cash, integrating more people into the formal financial ecosystem. “UPI is becoming the digital backbone of an inclusive economy,” said CEO of Spice Money, Dilip Modi.
UPI now accounts for 85 percent of all digital transactions in India and nearly 50 percent of global real-time digital payments.
New UPI rules, key changes
To streamline operations and ensure system stability, NPCI has implemented the following changes:
Account balance check limit: Users can now check their bank balance via UPI apps up to 50 times per day per app. Earlier, there was no limit.
Transaction status requests: Users must wait 45 to 60 seconds after initiating a transaction before requesting its status update. This helps avoid redundant server requests during peak times.
Autopay restrictions during peak hours: Autopay features like OTT subscriptions or bill payments are now restricted during peak hours from 10 am to 1 pm and 5 pm to 9:30 pm. It should be noted that this rule applies only to non-customer-initiated APIs.
Linked account visibility cap: Users can now view linked bank accounts only 25 times per day per app.
UPI IDs of inactive mobile numbers to disable
Additionally, UPI IDs tied to mobile numbers inactive for over 12 months will be automatically disabled to prevent fraud due to number reassignment. New bank accounts added to UPI will undergo enhanced verification and authentication.
It is currently live in seven countries, including Singapore, UAE, France, and Mauritius. Its expansion to Europe, starting with France, is expected to further support Indians abroad.
(With PTI inputs)